Principal-residence exemption does not apply to speculation/house-flipping

see article

It is necessary to consider the fact that the principal-residence exemption on capital gains is a federal rule, while the B.C. 15% tax on non-resident only applies provincially. While reform on federal tax rules may go serve to curb speculation in markets such as Vancouver or Toronto, the application of the same reforms to cooler parts of the market (e.g. Ottawa) may not be appropriate. Regardless, if the suggested tax reforms are implemented, it would further complicate the tax code, and purchasers/sellers are recommended to seek the advice of professionals prior to the purchase/disposition of property.


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