In a release last week, the Canada Revenue Agency provided an update on its ongoing project to address “non-compliance in real estate transactions.” The CRA said there continues to be “tax compliance risks in the real estate sector, particularly in the Vancouver and Toronto markets. In response to these risks, the CRA is continuing to take concrete action to crack down on those who fail to follow the law.”
During the past three years, CRA auditors have reviewed more than 30,000 files in Ontario and British Columbia and identified nearly $600 million in additional taxes related to the real estate sector, which resulted in over $43 million in penalties. In 2017-2018, the CRA assessed $103 million more in additional taxes than the prior year and penalties increased by $19 million. [기사 전문 ↓]