{"id":160,"date":"2025-01-02T22:43:54","date_gmt":"2025-01-02T22:43:54","guid":{"rendered":"https:\/\/sanjin.synology.me\/wordpress\/?p=160"},"modified":"2025-01-02T22:43:55","modified_gmt":"2025-01-02T22:43:55","slug":"bc-home-flipping-tax-now-in-effect-heres-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/sanjin.synology.me\/wordpress\/2025\/01\/02\/bc-home-flipping-tax-now-in-effect-heres-what-you-need-to-know\/","title":{"rendered":"BC Home Flipping Tax Now in Effect: Here\u2019s What You\u00a0Need to Know"},"content":{"rendered":"\n<p>As of January 1, 2025, the\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/bcrea.us12.list-manage.com\/track\/click?u=1d19d95fdc3d8a43aeed37550&amp;id=43c1d66ab6&amp;e=7824e5774e\" target=\"_blank\">BC Home Flipping Tax<\/a>\u00a0is now in effect.<sup> <\/sup>Sellers need to know this new tax is distinct from the existing federal property flipping tax and specifically targets short-term property sales within British Columbia.\u00a0<br><br>Here\u2019s how it works:\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The tax applies to income from sales of\u202fresidential properties, presale contracts, or assignments\u202fowned for less than\u202f730 days (two years). This includes properties bought before January 1, 2025, if they are sold on or after that date and owned for less than two years.&nbsp;&nbsp;<\/li>\n\n\n\n<li>The rate is\u202f20 per cent for sales within the first 365 days\u202fof ownership, gradually decreasing until it is eliminated at 730 days.&nbsp;&nbsp;<\/li>\n\n\n\n<li>This tax applies to any person or entity (individual, corporation, partnership, or trust) selling property within BC, regardless of residency.&nbsp;&nbsp;<\/li>\n\n\n\n<li>Exemptions\u202finclude certain primary residences, though exemptions are subject to specific conditions and filing requirements.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>The BC Government has\u00a0released a\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/bcrea.us12.list-manage.com\/track\/click?u=1d19d95fdc3d8a43aeed37550&amp;id=2f9814f00c&amp;e=7824e5774e\" target=\"_blank\">new video about the tax<\/a>. Check it out below.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"BC Home Flipping Tax Overview\" width=\"960\" height=\"540\" src=\"https:\/\/www.youtube.com\/embed\/qi_xiPtXRZw?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>As of January 1, 2025, the\u00a0BC Home Flipping Tax\u00a0is now in effect. Sellers need to know this new&#8230;<\/p>\n","protected":false},"author":1,"featured_media":161,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","content-wrap"],"_links":{"self":[{"href":"https:\/\/sanjin.synology.me\/wordpress\/wp-json\/wp\/v2\/posts\/160","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sanjin.synology.me\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sanjin.synology.me\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sanjin.synology.me\/wordpress\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sanjin.synology.me\/wordpress\/wp-json\/wp\/v2\/comments?post=160"}],"version-history":[{"count":2,"href":"https:\/\/sanjin.synology.me\/wordpress\/wp-json\/wp\/v2\/posts\/160\/revisions"}],"predecessor-version":[{"id":163,"href":"https:\/\/sanjin.synology.me\/wordpress\/wp-json\/wp\/v2\/posts\/160\/revisions\/163"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sanjin.synology.me\/wordpress\/wp-json\/wp\/v2\/media\/161"}],"wp:attachment":[{"href":"https:\/\/sanjin.synology.me\/wordpress\/wp-json\/wp\/v2\/media?parent=160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sanjin.synology.me\/wordpress\/wp-json\/wp\/v2\/categories?post=160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sanjin.synology.me\/wordpress\/wp-json\/wp\/v2\/tags?post=160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}