New Trust Reporting Menu
We want to bring to your attention changes that may affect you in the coming tax season and throughout 2024:
- Reporting by Trusts
- Underused Housing Tax
- Toronto Vacant Housing Tax
- Sales of Residential Real Estate – YOU ARE HERE
- Canada Pension Plan
- Home Office Expenses
- Prescribed Interest Rates
- Tax-Free Savings Account Contribution Limits
- Changes to Ontario Business Registry
- Not-for-Profit and Charitable Organizations
Sales of Residential Real Estate
For 2023 onwards, sales of Canadian residential property will be fully taxable as business income if the property is not held for 365 days.
The 365-day holding period restarts each time there is a new acquisition.
The exception to these flipped property rules includes sales due to the death of a person, a marriage or common-law breakdown, or involuntary termination of employment.