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If you're buying a pre-construction unit with the intention of flipping it before closing, then just don't buy.
Why?
Because there are 2 killer tax implications on assignment sales.
The majority of your profit will be going to the government as taxes.
Recently, the government proposed a change to one of the killer tax implications and it will affect all assignment agreements signed on or after May 7, 2022.
In this video, Dan will be going through the details of this change.
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Toronto Real Estate Market News -
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Every Crisis is an Opportunity.
I'm living proof of the statement...
I have gone through 3 very different careers, from a computer store owner, to a computer hardware design engineer at a tech giant, to a real estate broker. I started each new career from a crisis and I became more successful than ever in each.
So when I started CondoWong, I wanted to create a real estate brand that not only survives but thrives through constant changes and uncertain times. And this mission is best accomplished by delivering proven results to our investors consistently.
CondoWong is powered by a full-service in-house team to help you land on a winning investment and take care of it throughout its lifetime, delivering the hands-free and rewarding investment experience that every investor dreamed about.
- Dan Wong, CEO & Founder of CondoWong
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#Assignments #AssignmentsTax #NewAssignmentTax2022 #Flipping
#TorontoCondos #TorontoRealEstate #RealEstateInvestments
