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Taxing the condo flip

Thursday, October 06, 2016 @ 8:00 PM | By David Rotfleisch

In parts of Canada, notably Toronto (Vancouver is quiet due to the new tax), the real estate market is booming. Buying prebuilt condos and then flipping them once they are completed has been a profitable activity in many Canadian real estate markets.

This has translated into good work for real estate lawyers. But are you advising your clients to seek tax advice when acting for a seller?

Buying and selling a condo, even once, is almost always considered by the Canada Revenue Agency (CRA) to be...