CRA & Flipping Homes
The CRA & flipping homes are going to become well acquainted.
You now have to disclose all property purchased / sold along with gains or losses.
Home Flippers must provide information on the date of purchase, address, as well as any other details for any sold home claimed as a principal residence.
Why The Change?
“To improve compliance and administration of the tax system.”
Bottom Line.
Speak to your acountant and make sure you are prepared for any further changes. You do not want to get in a fight with the CRA
Are you ready to sell or start searching for your new home?
Let’s set up a time to chat. We are happy to meet in person or virtually.
Call Direct: 519.933.6198
Email: Stewart(at)londonontariorealty(dotted)com
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