As of January 1, 2025, the BC Home Flipping Tax is now in effect. REALTORS® need to know this new tax is distinct from the existing federal property flipping tax and specifically targets short-term property sales within British Columbia.  Here’s how it works:  The tax applies to income from sales of residential properties, presale contracts, or assignments owned for less than 730 days (two years). This includes properties bought before January 1, 2025, if they are sold on or after that date and owned for less than two years.   The rate is 20 per cent for sales within the first 365 days of ownership, gradually decreasing until it is eliminated at 730 days.   This tax applies to any person or entity (individual, corporation, partnership, or trust) selling property within BC, regardless of residency.   Exemptions include certain primary residences, though exemptions are subject to specific conditions and filing requirements.  The BC Government has released a …