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Does the CRA flipping reporting have you worried?

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Canadian Realestate Magazine | 08 Mar 2017, 08:15 AM Agree 0
With the Canada revenue agency now tracking house flippers – thanks to last year’s mortgage rule changes – are you worried further crackdowns on investors may soon come?
  • MIke | 08 Mar 2017, 09:16 AM Agree 0
    Worried....not declaring income from flips is tax fraud. I would be more worried if I was defrauding CCRA and was always watching out that they would catch me and put me in jail.
  • | 08 Mar 2017, 02:30 PM Agree 0
    This article is ridiculous. Worried about what? If you follow the rules with your principal residence, there is absolutely nothing to be worried about. The people who flip as a business and don't declare this income should be accountable and should pay tax owing. They are ruining it for others. It's about time that CRA started tracking this.
  • mk | 08 Mar 2017, 09:05 PM Agree 0
    flipping should have been addressed by the CRA a long time ago, there is a large number of people who have
    been flipping properties for years, without adding value and have avoided paying any tax.
    This means that the end user, ultimate buyer, our kids can't afford housing because of the huge expenses and profits
    built into these flips which artificially raise the buy in price.
    real estate agents have been the worst offenders.
  • Greg | 09 Mar 2017, 09:29 AM Agree 0
    I agree with the first two posts 100%. @MK your comment is very ignorant with zero fact built into it. Your last paragraph is a result of a free market falling supply and demand constraints. The public's misconception of Realtors is alarming. It's the buyer and seller who set the price with guidance. But it takes two parties to agree to it.
    • Greg | 09 Mar 2017, 09:30 AM Agree 0
      I agree with the first two posts 100%. @MK your comment is very ignorant with zero fact built into it. Your last paragraph is a result of a free market fallowing supply and demand constraints. The public's misconception of Realtors is alarming. It's the buyer and seller who set the price with guidance. But it takes two parties to agree to it.
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