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Find Your Hole-in-One Home: A Golf Enthusiast's Guide to Buying Real Estate in Whitby

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Important law pertaining to real estate that came into effect on January 1, 2023 that everyone needs to be aware of and understand! Canada’s new anti-flipping rules for residential real estate: Designed to “reduce speculative demand in the marketplace and help to cool excessive price growth.” Disallow the use of the principal residence exemption (PRE) to shelter the capital gain realized on the sale of your home if you’ve owned it for less than 12 months (specifically, 365 consecutive days). Gain will be 100 per cent taxable as business income. Allows for certain exceptions: such as death, disability, separation and work relocation. Flipping has been defined in government documents as “purchasing real estate with the intention of reselling the property in a short period of time to realize a profit.” For PRE – requirements must be satisfied, such as actually owning the home, and living in it for at least part of the year by the individual (or their spouse, common-law partner, or child). Capital Gains vs. Business Income on the sale of a property. If property was purchased for the purposes of flipping, assignment, or buying to build and sell, the profits on the sale of the property are generally taxed as Business Income. If purchased to generate rental income, profits on the sale would be taxed as capital gains. Generally, capital gains are only included in income at 50%, so they are taxed lower than business income. This means the gain, less any associated expenses will be fully taxable in the year of the sale, just as though the seller earned the money in other employment. ref- https://www.kormans.ca/

Discover Your Perfect Home in Whitby with Trusted Local Realtors - WhitbyTeam.com

Our team is committed to providing you with exceptional service from start to finish. We'll keep you informed every step of the way, so you can feel confident in the decisions you make about selling your home. Plus, with our local knowledge and expertise, we know exactly how to position your property in the market to attract the right buyers. Don't wait any longer to sell your home. Contact our real estate team today to schedule a consultation and learn more about how we can help you achieve your selling goals. We can't wait to help you take the next step in your real estate journey!

Discover Your Perfect Home in Whitby with Trusted Local Realtors - WhitbyTeam.com