In Canada, property flipping means buying and reselling homes quickly for profit, and it can involve individuals as well as Real Estate agents.
It also includes assignment sales, where a property is bought and sold before official sale or construction, sometimes referred to as shadow flipping.
Money earned on all Real Estate transactions, including flips and assignment sales, must be reported in Canada, and that can include related fees or commissions.
Profits from flipping Real Estate are generally treated as fully taxable business income in Canada, and the principal residence exemption does not apply.
Some transactions may also trigger GST/HST, with sellers responsible for remitting it, while the tax agency has been addressing non-compliance and improper exemption claims.