Despite the new rule only coming into effect in 2023, the CRA somehow took the position that it would RETROACTIVELY target this sale that happened in 2016! 😲🕰️

Despite the new rule only coming into effect in 2023, the CRA somehow took the position that it would RETROACTIVELY target this sale that happened in 2016! 😲🕰️

What the new rules that came out in 2023 did was force anyone who was selling their home within 12 months of owning it, to pay FULL capital gains tax as if they were buying the property as an investor, completely circumventing the regular capital gains exemption we all understand on our primary residence. 💸🏡📉

This was already seen as one of the most extreme and controversial policies when it came out and that’s when everyone only thought it could target FUTURE real estate transactions (so at least there would be some fairness). ⚖️🔮 But instead, the CRA has decided to set the precedent by going after transactions that were done as far back as 7 years before this tax came into play. 🚫📅

If you want to read the article, you can click HERE !

What do you think? 🤔 Do you think this flipping tax, which states that anyone selling a home within a year now may have to potentially pay capital gains tax, is a fair tax? 🏠💰 I’d love to hear your thoughts, shoot us an email back about what you think 💬👇

#RealEstate #realtor #bc #vancouver #surrey #langley #Calgary #Alberta #toronto #ontario #funnyvideo