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Originally Posted by arsenal
I thought that there where rules in Canada that prevented property "flipping", like those in the States. I know it is still possible, but don't you have to live in the house for at least 6 months before you are able to "flip" it?
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You are thinking of what is needed to make a property your principle residence, which would then be exempt from capital gains.
As it is a secondary property, he would be required to pay the capital gains tax. (note: it is possible that CRA could view this as a business transaction and require the profit to completely taxed.)