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Canada’s New Anti-Flipping Rule

Do you know that CRA is implementing a new anti-flipping rule in 2023? Starting from January 1st, 2023, onwards, when you make a profit from the sale of a property that you own for less than 365 days, that profit is deemed to be business income, and 100% of it is taxable! In this video, I dive deep into this new anti-flipping rule and how it affects you using easy-to-understand examples. I also share the 12 criteria imposed by CRA to determine whether the sale of the property is considered business or capital in nature. Then, I walk through the steps to evaluate these transactions in a flow chart. Key Moments In This Episode ======================== 1:36 - What the anti-flipping rule means 2:01 - Example to explain the anti-flipping rule 3:19 - How does the new anti-flipping rule apply, and how is it different from the older rules? 5:17 - Criteria to determine if the transaction is capital in nature and 50% taxable 8:16 - 12 criteria imposed by CRA to determine whether the sale of the property is considered business or capital in nature 8:43 - Criteria #1: Taxpayers' intention 9:54 - Criteria #2: Feasibility of taxpayers' intention 10:36 - Criteria #3: Geographical location and zone use of the real estate required 11:35 - Criteria #4-5: Extent to which intention is carried out by the taxpayers; Evidence that the taxpayer’s intention changed after the purchase of real estate 12:26 - Criteria#6: Nature of the business, professional calling or trade of the taxpayer and associates 13:31 - Criteria #7: Extent to which borrowed money was used to finance the acquisition and terms of financing 14:45 - Criteria #8: Length of time of ownership 15:22 - Criteria #9: Existence of other partners who share an interest in the real estate 16:56 - Criteria10: Nature of occupation of other investors involved in the deal and course of conduct 17:29 - Criteria #11-12: Factors which motivated the sale of the property; Evidence that the taxpayer has dealt extensively in real estate 18:44 - The special rule that applies if you dispose of a residential property within 365 days and make a profit 20:16 - 9 exception criteria for anti-flipping rules 21:33 - The decision tree 26:09 - Goal of the anti-flipping rule hannel for more videos on Canadian real estate and tax-saving strategies so you don’t miss a thing! ---------------------- SIGN UP FOR OUR NEWSLETTER Want to stay up-to-date with all the latest news about Real Estate Tax Tips, Receive weekly tax tips and free real estate investment resources? Then subscribe to our newsletter here: https://realestatetaxtips.ca/youtube ---------------------- Want to PAY LESS TAX as a real estate investor? Check Out All of My Tax Saving Resources HERE: https://realestatetaxtips.ca/resource ---------------------- FOLLOW ME ON SOCIAL MEDIA: Facebook:  / realestatetaxtips   Instagram:   / realestatetaxtips   ---------------------- ⭐Cherry’s Best Real Estate Tax Tips ⭐ ➡️ How Rent-To-Own Investment Strategy Helps Canadians Into Homeownership And Generates Cashflow:    • How Rent-To-Own Investment Strategy H...   ➡️How To Deduct Automobile Expenses:    • Видео   ➡️Everything You Need To Know About REIT Taxation:    • Everything You Need To Know About REI...   ➡️3 Structures to Own Student Rentals for Your Kids:    • 3 Structures to Own Student Rentals f...   ---------------------- DISCLAIMER: Real estate Tax planning is a personalized decision and will depend on your situation, priorities, and risk tolerance. Consult with your legal and tax advisors to ensure you get the best personalized advice. The information contained in this video is for general information purposes only. The information is provided by ECRB Consulting Inc., RealEstateTaxTips.ca, Cherry Chan Professional Corporation and Cherry Chan. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the article or the information, products, services, or related graphics contained on the presentation for any purpose. Any reliance you place on such information is, therefore, strictly at your own risk. In no event will we be liable for any loss or damage, including, without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of or connected with the use of this information. #antiflippingrule #taxpayer #flipping #taxes #capitalgain #CRA #marginaltaxrate #corporation #personaltax #canadarevenueagency #personalincometaxrate #primaryresidence #passiveincome #activeincome #jointventure #refundabledividendregime #mortgage #financing #businesstax #incometaxact #realestatetaxtips #Cherrychan