Information
New Capital Gains Tax What is it? Capital gains tax is a tax on the profit realized from the sale of an investment. This investment can include real estate (such as land and buildings) or securities (such as stocks and bonds). Essentially, capital gains are the difference between the investment’s purchase price and its sale…
BC Home Flipping Tax What is it? As of January 1, 2025, the BC home flipping tax is now in effect. This new tax is distinct from the existing federal property flipping tax and specifically targets short-term property sales within British Columbia. How it works The tax applies to income from sales of residential properties, presale…
Underground Oil Storage Tanks (UST) What is it? Many homes in the Greater Vancouver area built before 1957 were initially heated with furnace oil. When natural gas became available, the underground oil storage tanks (USTs), usually located in backyards, were often filled with sand or capped. However, as these tanks corrode over time, residual oil…
BC Foreign Buyer Tax What is it? If you are a foreign national, foreign corporation, or taxable trustee, you are required to pay an additional property transfer tax on your share of the property in certain regions of British Columbia. This additional tax is 20% of the fair market value of your proportionate share. Applicable…