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The Canada Revenue Agency says it has recovered more than $240 million from audits related to probes of tax cheating on real estate in British Columbia and Ontario. According to figures published on the CRA’s website, the bulk of the money comes from probes in Ontario, where the federal department has recovered $210.4 million through more the 13,400 audits conducted between April 2015 and September 2016.
Canada Revenue Agency audits
In July, CRA confirmed to CBC that it was bulking up its scrutiny of the B.C. real estate market, which had been seeing a feverish run-up in house prices in Vancouver. “These audits focused on the areas where the risk of non-compliance was highest, mainly related to property flips and GST/HST non-compliance,” the agency said back then.
Monitoring real estate transactions
“The real estate project was not undertaken to address questions of housing affordability. The CRA does not have any role to play concerning the affordability of real estate …Transactions in the Greater Toronto Area have been the subject of greater scrutiny for a number of years. More recently, the CRA has been actively monitoring and auditing real estate transactions in British Columbia.
Read more about tax fraud on real estate at CBC News.
This article is summarized by Canadian Fraud News.