By: Fabio Campanella CPA, CA, CFP, CIM
Have you ever wondered how the CRA views property “flips” from a tax perspective? Perhaps you are interested in building a new home or renovating a home for personal use. Will you be taxed? Will you get the capital gains treatment? If you live in the house for a year will it be considered a principle residence?
Join Campanella McDonald LLP’s Fabio Campanella and his friend Joseph LoPresti (a tax lawyer) on the “Your Life Your Terms” podcast for their perspectives on how the CRA treats these types of transactions.
You may be surprised to find out that the answer isn’t exactly black and white.
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