💫 Location: Your Driveway 9:00 AM

💫  Residents: Bell Park, Ocean Park, Amble Greene, Chantrell Park, Elgin Park & Morgan Creek

💫 Advertising: We advertise in the Peace Arch News, Instagram, Facebook Market Place, Craigslist, Kijiji, www.WalkerRealEstate.ca/Events

💫 Signage: We provide main street signage and attach list of addresses/sale items

💫 RSVP: Kimberly@WalkerRealEstate.ca with your address and sale items, by Friday, April 25, 2025

💫 Confirmation: Please ensure Kimberly confirms receipt of your email, to be sure you are included in the sale

💫 Questions: Call Kimberly Walker 778-828-6186

💫 Gently Used - Children’s Clothing Sale - Book a FREE SPACE

💫 Location: 13824 19A Avenue

💫 Bring your table or coat racks and sell your goods

We advertise and generate a good crowd of buyers

To reserve your spot, email: kimberly@walkerrealestate.ca

💫 Come Out & Support The Peace Arch Hospital Auxiliary

💫Location: 13824 19A Avenue

💫 Volunteers will be selling quality used items, jewelry, and running a 50/50 draw. We will also be offering fresh warm donuts, popcorn, coffee and lemonade.

💫 All proceeds go to Peace Arch Hospital Auxiliary for patient care and equipment

https://youtube.com/shorts/CJXkmBoEmjA

https://youtube.com/shorts/EKYqJwdduOk

As of January 1, 2025, the BC Home Flipping Tax applies to the profit earned from selling a property in British Columbia (including presale contracts) if the property was owned for less than 730 days.

Property purchased before January 1, 2025 will still be subject to the tax if sold on or after January 1, 2025 if it was owned for less than 730 days, unless an exemption applies.

The BC Home Flipping Tax is different from the Federal property flipping rules and additional to the federal and B.C. Income tax. It’s meant to discourage short term home ownership and property flipping.

Who has to pay?

Anyone (other than an exempt entity) who sells “taxable property” on or after January 1, 2025 and has held it for less than 730 days before the sale.

What is a sale?

A sale generally refers to signing a contract where a beneficial interest in taxable property is transferred for money (or other consideration). This obviously includes standard residential transactions.

It doesn’t include:

a. a deemed disposition under the Income Tax Act (i.e., if a property holder passes away);
b. a mortgage or lien against a property;
c. a lease,
d. gift
e. other transaction where a change in legal title occurs but not a change in beneficial ownership.

What is “taxable property”?

Taxable property essentially means residential property. So the tax will apply to the sale of: a property with a housing unit; a property zoned for residential use; or the right to acquire a property (for example, an assignment of a presale contract).

What are the exemptions?

There are two classes of exemptions:

1. Exemptions that still require a Flipping Tax Return to be filed; and

2. Exemptions that do not require a Flipping Tax Return to be filed.

All of the exemptions are relatively nuanced and proper legal advice should be given to determine whether a specific fact pattern fits within an exemption.

Exemptions Requiring a Flipping Tax Return:

Life circumstance exemptions

This includes things such as a death; a serious illness or disability; a relocation due to a job or attend university; a breakdown of a marriage; a termination of employment or a threat to personal safety. Other examples include: bankruptcy, insolvency and foreclosure; a destroyed housing unit; expropriation;  disposing of a property acquired by winning the lottery; and a year-long delay in a completion of a presale unit.

 Exemptions for builders, developers and renovations

This includes an exemption for builders and developers, for renovations or construction of additional housing units on a property and constructing a new housing unit on a property.

 Exemptions for property sales between related persons

This is relatively self-explanatory – there is an exemption for sales between related persons. Related persons are those connected by blood relationship, marriage, common-law partnership or adoption. This exemption can also be extended to friendships in certain circumstances. Also, there is an exemption if a person sells a property to a related corporation (or partnership).

Exemptions NOT Requiring a Flipping Tax Return

There are cases where an exemption always applies and so a Flipping Tax Return is not required, these include: a property in an exempt location; an exempt entity selling property; property being used exclusively for commercial purposes.

Exempt locations are generally First Nations lands, including reserve lands, treaty lands as well as other specific First Nations Bands land.

Exempt entities are generally government bodies, First Nations bodies and/or non-profit institutions.

The Flipping Tax Return

Please note, the BC Home Flipping Tax is additional to annual income tax filings. It requires a separate filing within 90 days of a sale, if:

1. You sell property after January 1, 2025 and you have held it for 729 or less (and are not eligible for any exemptions); or

2. An exemption applies only after you file a return

If property was held for 730 days or more, or an exemption that does not require a Flipping Tax Return is available, then a Flipping Tax Return does not need to be filed.

How much is the BC Flipping Tax?

If property is sold within 365 days, the tax rate is 20 percent of net taxable income, or in lay terms, 20% of the “profit”. The rate decreases over the next 365 days – so that at 730 days, the BC Flipping Tax no longer applies.

The key dates are: (i) the date of acquisition; and (ii) the date of disposition. In other words, the Completion Date for each standard residential transaction.

For buyers of pre-sale contracts that originally bought a pre-sale, completed on the unit, and then sold it, the starting date is the date the pre-sale contract was made.

There is a deduction for the sale of a primary residence of up to $20,000 if certain conditions are met.

Brought to you by:

Tony Spagnuolo, Barrister & Solicitor

#300-906 Roderick Avenue,
Coquitlam, BC
V3K 1R1

Phone: 604-527-4242
realestate@spagslaw.ca

What Is PTT?

The Property Transfer Tax is a tax payable to the Provincial Government by purchasers of real estate. The tax applies to all types of real estate, whether residential, commercial or industrial.

How Is It Calculated?

The amount of the Property Transfer Tax is 1% on the first $200,000.00 of the property’s fair market value, 2% on the amount between $200,000 and $2,000,000, and 3% on the amount between $2,000,000 and $3,000,000, and 5% of the remaining fair market value.

Standard Calculator

The first calculator is what we call our standard calculator. This is to be used if the Buyer is not a First Time Home Buyer, or if they are purchasing a used home, not a new one.

First Time Home Buyer Exemption

Spagnuolo First Time Home Buyers Exemption Calculator

The second calculator is to be used if the Buyer is a First Time Home Buyer. Just a reminder, a FTHB means the Buyer

• Has never have owned an interest in a principal residence anywhere in the world at any time;

• Is a citizen of or a permanent resident of Canada;

• Resided in B.C. for 12 consecutive months immediately before the date they become the registered owner, or the Purchaser has filed two income tax returns as a British Columbia resident within the prior 6 years of becoming the owner;

• Moves into the property within ninety-two days after registration of the purchase of the property and reside in the property for at least one year;

• If the fair market value of the property is:

  • a full PTT exemption on properties with a Fair Market Value (FMV) of $500,000 or less;

  • a partial exemption of $8,000 for properties with a FMV over $500,000 and under $835,000;

  • a sliding scale exemption for properties with a FMV over $835,000 and under $860,000; and

  • no exemption for properties with a FMV over $860,000.

Newly Built Home Buyer

Spagnuolo Newly Built Home Buyers Exemption Calculator

The third calculator is to be used if the Buyer is purchasing a Newly Built Home. To qualify for this exemption, the following criteria must be met:

The property must be newly built, as defined in the legislation

• The Buyer must be an individual and a Canadian citizen or permanent resident;

• The property must be used as the principal residence of the Buyer, who must move into the property within ninety-two days after registration of the purchase of the property and reside in the property for at least one year;

• The property must be 1.24 acres or smaller;

• To receive the full exemption, the price for the home must be less than $1,100,000. A partial exemption is available for properties with a fair market value between $1,100,000 to $1,150,000.

Sources, Coldest Night of Year

February 22, 2025

Raised: $220,728.00 to Date

HomeLife Benchmark Realty,

Supporting Sponsor

SOURCES has been promoting social wellness since 1978. Over time, services have expanded in the communities of White Rock, Surrey, Delta, Langley, Vancouver Island and Northern BC.

Providing people with food, clothing and shelter, connecting vulnerable persons to counselling and other community services.