New taxes on home-flipping

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 The government brought in a new rule in Budget 2022 which has effectively increased taxes on home-flipping. The change means the government will assume anyone who sells a home after possessing it for less than 12 months will be considered to be flipping the property. Profits from the sale would be considered business income, not a capital gain. Dan Rogozynski, co-director of the University of Waterloo's masters of accounting program, said the government hopes the measures will help slow rising housing prices in Canada. "They don't like this flipping, because what happens is it creates demand, it inflates prices," Rogozynski said. But the change comes with a number of exceptions, such as selling a home because of a death or divorce.

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