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Selling Canadian real property? Canada Revenue Agency is increasing audit focus on nonresidents selling Canadian real property. We can assist you.

Andersen partner Steven Flynn was quoted in a recent news article on the Q1 results of Canada Revenue Agency’s audit program designed to identify and penalize egregious instances of tax avoidance and evasion related to Greater Vancouver and Greater Toronto property sales.

Read the article: Potential cases of tax evasion in B.C. real estate rising

Flynn says that the implementation of the B.C. speculation and empty homes taxes is resulting in better data collection by the provincial government that ties homeowner information to tax returns. CRA is using the connections in their audit program, which covers three specific matters: unreported income (including capital gains), GST payments on new buildings and new home GST/HST rebates.

If you are concerned about what this means for your property sale, we invite you to get in touch for a consultation.

Andersen

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The member firms of Andersen in Canada focus on Canadian, international and Canada-U.S. cross-border tax matters. With offices across Canada, our tax professionals work with a broad range of businesses and individual clients to develop innovative tax solutions for a diverse range of issues. Our senior leaders and many of our professional staff have extensive experience in Canadian, international, U.S. and cross-border tax matters with major international accounting firms, as well as practical experience working with businesses and individuals.