CRA claws back $240 million in real estate tax

The Canada Revenue Agency’s probe into real estate tax evasion in British Columbia and Ontario has resulted in $240 million being recovered. Most of the revenue came from Ontario through more than 13,000 audits, mostly relating to new housing and rental property rebates.

Penalties imposed by the CRA in relation to its investigations amounted to $12.5 million, the largest of which was near $2.5 million.

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