Selling your presale early? CSAIR makes assignments visible to the CRA
Assignments are reported to BC's CSAIR register, and the profit is usually taxable. What to know before you try to sell before completion.
Plans change, and sometimes buyers want out of a presale before the building completes. The tool is an assignment: you sell your contract to a new buyer. It is more regulated than people expect.
BC requires assignments of presale contracts to be reported to the Condo and Strata Assignment Integrity Register (CSAIR), including the parties and the amounts involved, and that information is shared with tax authorities. Quietly flipping a presale is far harder than it used to be.
The profit is generally taxable, and depending on your original intent it can be taxed as business income rather than a capital gain, with GST potentially applying as well. Most contracts also require the developer’s consent and charge an assignment fee.
If an assignment is on your radar, read Assignments Explained first, and talk to an accountant before you commit.
Want to estimate the GST impact on your assignment math? Try the BC Presale Tax Estimator →
General information, not tax advice. Confirm with a professional.
