Flipping Houses with Assignment Clauses – Part 4 of 4
Principal Residence Exemption, Business Income and Capital Gains
Flipping Houses with Assignment Clauses – Part 4 of 4
If you want to flip houses with assignment clauses for a profit, take a careful look at the criteria the Canada Revenue Agency (CRA) will consider when taxing you. If possible, structure your purchase so that you’ll receive capital gains treatment, and perhaps even the principal residence exemption.