July 15, 2025

The Ministry of Finance has shared some additional details on the BC Home Flipping Tax, particularly in relation to exemptions. 

In qualifying situations, exemptions are available, but you must file a BC home flipping tax return: 

• Life circumstance exemptions;
• Exemptions for builders, developers, and building or renovating related activity;
• Exemptions for property sales between related persons. 

Additional information on these exemptions can be found here:  Exemptions from BC home flipping tax 

The BC home flipping tax applies to the profit earned from selling a taxable property in British Columbia (including presale contracts) if the taxable property was owned for less than 730 days. Taxable property refers to a beneficial interest in residential property or a right to acquire a beneficial interest in residential property. 

You must file a BC home flipping tax return within 90 days of disposing of a taxable property if you have owned that property for less than 730 days.   

You must still file a tax return even if you have no tax owing or you’re claiming an exemption. A late filing penalty will be applied if a required flipping tax return is not filed on time, and you will be assessed interest on amounts that are payable to the government.  

For more information, including access to the flipping tax return and instructions on how to pay any tax owing, or to subscribe to future updates, please visit the website at gov.bc.ca/homeflippingtax 

If you have further questions or require assistance, contact them at: ITBTaxQuestions@gov.bc.ca; 250-387-3332. 

April 8, 2025

As mentioned in previous updates, the BC home flipping tax came into effect on January 1, 2025. The BC home flipping tax applies to the profit earned from selling a taxable property in British Columbia (including presale contracts) if the taxable property was owned for less than 730 days. Taxable property refers to a beneficial interest in residential property or a right to acquire a beneficial interest in residential property. 

Now that we are in March, the 90-day deadline to file returns for properties sold or disposed of in January is approaching. Please note that you must file a BC home flipping tax return within 90 days of disposing of a taxable property if you have owned that property for less than 730 days.   

A tax return is required to be filed even if you have no tax owing or you’re claiming an exemption unless the exemption is listed as not requiring a return to be filed. There is a late filing penalty that will be applied if a required flipping tax return is not filed on time, and you will be assessed interest on amounts that are payable to the government.  

For more information, including access to the flipping tax return and instructions on how to pay any tax owed, or to subscribe to future updates, please visit the website: gov.bc.ca/homeflippingtax 

If you have further questions or require assistance, contact information is as follows: 

ITBTaxQuestions@gov.bc.ca 

250-387-3332 

1-877-387-3332 (toll free) 

April 9th, 2024

On April 3rd, 2024, the Ministry of Finance tabled the legislation for the Flipping Tax previously announced in Budget 2024. The Residential Property (Short-Term Holding) Profit Tax Act, is proposed to take effect on January 1, 2025, pending approval by the legislature. The tax applies to income earned from the sale of a residential property in B.C., including pre-sale contracts, if the property was owned for less than two years (730 days). 

For pre-sale contracts, the two-year window is considered to start on the date the pre-sale contract is entered. For assignments, the date that the contract was assigned is considered to be when the property was acquired.  

There are also exemptions applying to the development of new housing.

The Ministry of Finance has provided more details on their website, including how the tax is calculated and additional examples related to pre-sales.