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Change Is In The Air
The CRA has been on a roll lately, making changes targeting real estate investors. The Underused Housing Tax is now in full force with only a few days left to file. Remember, you may be required to file even if you don't have any tax liabilities under the legislation. When in doubt, please reach out!
In addition to that, the CRA implemented some changes on how flips are taxed and removed the GST/HST on all new qualifying rental housing constructions to help with the rising cost of living. They are also considering implementing tight regulations regarding short-term rentals in cities with a population larger than 10,000 people. This is all done in an effort to bring new rental units to the market to meet the rising demand caused by immigration. And it's working! Already, new housing starts on purpose-built rental properties are on the increase, and, anecdotally, those with vacant rental units may be required to cut rates a bit to fill their units.
All this is to say that the landscape is changing rapidly for real estate investors and those with exposure to residential real estate in Canada. Having solid people on your team to notify you and guide you through these changes can make all the difference.
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