Canadian citizen bought a home and will sell it in less than six months. what are the tax consequences?

Question

About $40,000 in gain.

Answer 1

taxed as reg wages since not held long term

Answer 2

If you purchased the home and then lived in it, without having any other principle residence then there is no tax consequences, as the sale of your principle residence is tax free.  If you have designated another property as your principle residence then the sale is show as a Capital Gain and you are taxed in 50% of the gain.

Answer 3

$20,000 is taxable. You made a capital gain,time is not important.

Answer 4

My16 paws is right, but one other item: if you do this repeatedly, CRA can very well decide you are doing business as a home flipper, and they will tax you (even retroactively) on the full amount of the gain.