Property Flip -- Taxable income or capital gains?

[Ben2366]

I purchased a property in late-2021, did some work, then sold it in early-2022. Since the intent was to achieve gains on the flip, i've reported this using form t2125. When I report it this way, I face full tax rate on the entire gain as if it is income. Have I done this correctly or can it be reported as capital gains instead so that the taxes are half as much?  

Thanks!

 

[Ben2366]

Clearest  guidance I've found is "If you buy a home or condo, and then sell it soon after you get title — certainly if it’s within 18 months or so — the CRA will usually consider that you have “flipped” the property, and that any gain is fully taxed as business profit, not half-taxed as a capital gain. This also means that you don’t get the principal-residence exemption, even if you moved into the home, because the exemption is available only for capital property, not for business inventory. And if you had the intention — or even a “secondary intention”— of selling the home at the time you agreed to buy it, then the CRA will be legally correct." Source: https://www.krp.ca/november-tax-news-property-flipping-rules-around-investment-income-in-a-corporation-and-more 

As such, I've completed T776 for income on one renter and T2125 to declare the property purchase and sale business income. 

I'm hoping someone tells me i have this wrong and so that i cut my tax bill in half!