Note that this session was recorded on March 6, 2025.

This course, "BC Flipping Tax: General and Filing Requirements for CPAs", provides a comprehensive overview of the new BC Home Flipping Tax, a significant change in provincial tax legislation that came into effect on January 1st, 2025.

This session is designed to equip CPAs with the knowledge and tools necessary to accurately file returns, advise clients, and ensure compliance with the new regulations. You will gain an in-depth understanding of:

• The tax’s history, purpose, and applicability to different types of taxpayers, including individuals, corporations, partnerships, and trusts.
• The definition of taxable property and the criteria for determining if a property qualifies for the tax.
• The calculation of the tax, including the tax rate, net taxable income, and primary residence deduction.
• The filing process for the BC Home Flipping Tax Return, including the required information, deadlines, and penalties for late filing or non-compliance.
• The various exemptions available under the tax, including exemptions for life circumstances, builders and developers, and related individuals and corporations.
• Reporting obligations.
• Practical advice on how to identify clients potentially subject to the tax, gather the necessary information, and prepare and file the return.
• Best practices for engagement letters, client communication, and managing the risks associated with the tax.

By the end of this course, you will be able to:

• Identify transactions subject to the BC Home Flipping Tax.
• Calculate the tax payable for your clients.
• Advise clients on the various exemptions available to them.
• Prepare and file the BC Home Flipping Tax Return using the E-Tax system.
• Develop effective engagement strategies for advising clients on the tax.