Howard is based in Burnaby and covers real estate, housing policy, and the development industry. Signal: HowardChai.24
New year, new tax? As of Wednesday, January 1, the Government of British Columbia's new home flipping tax is now in effect, which the Province says is "intended to discourage short-term holding of property for profit."
The taxable income on a property sale is calculated by subtracting the original purchase price and the costs of improving the property from the sale price. If the property was being used as a primary residence, sellers can then deduct $20,000 x their beneficial interest in the property. The amount that remains is the net taxable income on which the tax rate is applied.
Diamond Corp is seeking an exemption from office requirements in order to provide more housing near the planned St. Clair-Old Weston GO Station.Colourful New Development Proposed For The Humber Valley
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