July 14, 2016

CRA Real Estate Action

Ian Young writes in South China Morning Post to describe leaked content of a June 2, 2016 briefing to Canada Revenue Agency auditors.  The subject was people buying and selling Canadian real estate, but somehow cheating on taxes.

The briefing lists four areas being targeted for audit under the CRA’s “real estate projects”, launched in response to “significant media attention”: unreported worldwide income, property “flipping”, under-reporting of capital gains from home sales, and under-reporting of Goods and Services Tax (GST) on sales of new homes.

Mr. Young assures us that THIS PDF is the briefing notes supplied to CRA’s auditors at the event.

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