Home Flipping Tax

Government has introduced a new tax on Sellers who decide to sell their home before a 12 month period. According to the government, if you sell before a 12 month period it’s considered “home flipping” and profits will be subject to Business Income and not Capital Gains

Certain exemptions do apply. For example, if you are selling a house because of a divorce or a death.

Multigenerational Renovation Program

Another new tax benefit related to

housing is the Multigenerational Home Renovation Tax Credit.

The refundable tax credit will provide up to $7,500 “in support for constructing a secondary suite for a senior or an adult with a disability to live with family members,” Finance Canada said in an email.

Eligible families can claim 15 per cent of a maximum $50,000 in home renovation and construction costs to build a secondary housing suite.

Underused Housing Tax (UHT)

The government is introducing a new 1% tax on the value of vacant land and underused residential properties owned directly or indirectly by non-residence, non-Canadians.

Servicing Vaughan and surrounding areas