Selling Your Home in Canada? Don’t Get Burned by the New CRA Rules (Ep. 29)
It’s summer in Canada, and while the weather heats up, so does the real estate market.
But did you know selling your home too soon could trigger a surprise tax bill?
In this episode of From the Source, Frankie Loreto and Sarah Netley break down the CRA’s flipped property rules that took effect in 2023 and how they affect homeowners, real estate investors, and anyone selling property in Canada.
From misunderstood exemptions to the difference between capital gains and business income, this episode clarifies what truly constitutes a principal residence and what doesn’t. With relatable examples ranging from quick flips to new builds, they explore what it means to “ordinarily inhabit” a home and how timing, intent, and even TV shows like Love It or List It have shaped public perception (and CRA policy).
What to Expect:
- What qualifies as a “flipped property” under CRA rules
- The tax implications of selling in under 12 months
- Key exemptions for life events like death, divorce, or job relocation
- Why waiting 366 days still might not protect you from CRA scrutiny
- And more!
Resources:
Connect with Frankie Loreto and Sarah Netley:
- Courtice.BakerTilly.ca
- LinkedIn: Baker Tilly Canada
- LinkedIn: Frankie Loreto
- LinkedIn: Sarah Netley
- Call: (905) 579-5659
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