Real estate tax cheats probed by CRA
The Canada Revenue Agency says that it is investigating real estate transactions in British Columbia to search out tax cheats. Reuters reports that the probe will particularly focus on foreign investors.
The CRA said that as prices have surged, especially in Vancouver, there is concern that tax has been evaded in deals involving flipping. Underpayment or non-payment of capital gains or sales tax; and false claims for tax rebates are key areas of the investigation.
The agency has brought in specialist auditors to look into hundreds of transactions as part of the multi-level governmental focus on increasing BC prices and the impact of foreign investment in the market.
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