I am planning to purchase a house with money from my line of credit to purchase and fix up, and then flip. I could realise a capital gain of 20K to 30K which will help our retirement and pay off debt. I have Capital Gains loses of around 5K from previous years to cover the taxes. Will we be subject to penalty for the GSI that we have received this year and have pay back the CRA. Should I wait and sell it next year after I disqualify myself from GSI status. We have used Turbo Tax the last several years and have been very happy with the results.
