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The CRA is on the warpath!!

The CRA is on the warpath!!

In its continued campaign to monitor what it called “compliance risks” in Canada’s hottest housing markets, the Canada Revenue Agency has uncovered nearly $600 million in unpaid taxes in the British Columbia and Ontario real estate segments.

CRA auditors, which have been closely examining real estate transactions since 2015, found that the B.C. market has $169 million in unpaid taxes from home sales, while Ontario has $423 million.

The federal bureau further noted that in B.C., 54% of the unpaid amount was due to buyers not paying the GST, while 45% was from income tax. In Ontario, fully 90% of the unpaid taxes represented GST.

The CRA stated that it is keeping a particularly close eye at the factors that tend to indicate tax evasion, such as unreported GST, capital gains, or worldwide income, as well as property flipping and questionable sources of funding for purchases.

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The Tax Mechanic is here to listen, provide the best solution, peace of mind and ongoing support. To book a free consultation with us simply click GET HELP, call us 1-888-359-1490 Ext 2 or email us at david@taxmechanic.ca

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Mr. Simpson has been active in income tax consulting, residential and commercial real estate development since 1985. Prior to founding the Tax Mechanic, he held several senior management positions, including Director of Land development for a real estate investment company (John DiPoce Management) and Controller of Communicorp Multi Media Inc., a TSX listed company. Mr. Simpson obtained his Bachelor of Arts degree from York University, Toronto, and qualified as a Chartered Accountant in 1993. He has also completed the Canadian Securities and Partners, Directors and Senior Officers courses.

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