Schultz & Associates
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http://www.canadian-accountant.com//tax-implications-of-co The primary issue for condo flippers is categorization, says David Rotfleisch Nov 29, 2019 Author: David J. Rotfleisch TORONTO In recent years, the Canada Revenue Agency (the "CRA") has become more critical of real estate transactions claiming tax non-compliance has contributed to increasing housing prices. One category of transactions the CRA is examining more closely is condo flipping. The CRA has had a condo fl...ipping audit project for several years. It routinely contacts condo developers for a list of purchasers and follows up with all of those purchasers to see if they sold the condo or are living in it. Condo flippers buy pre-build or pre-construction condo units and attempt to sell them for a profit either shortly after purchasing the unit or once construction is complete. Condo flippers may also carry out assignment sales where they assign their contract for the condo unit to a buyer before taking possession of the condo. The CRA has found condo flippers incorrectly categorizing their taxable income to qualify for lower tax rates by claiming capital gains treatment instead of income treatment. See more

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An accountant’s guide to property tax assessments across Canada http://www.canadian-accountant.com//an-accountant-s-guide-