The Canada Revenue Agency recently announced that it’s collected more than $240 million from real estate tax audits in B.C and Ontario as of last month!
The probe came amid censure from various quarters over the agency’s alleged neglect to investigate money laundering and tax evasion in Canadian real estate – looking into house flipping, unverified fund sourcing, unreported income, unreported taxes/capital gains and tax rebates on any homes sold.
The recovered money in Ontario mostly comes from audits and rebates, states the CRA. The funds in B.C predominately came from GST/HST.
Approximately $12.5 million in penalties have been levied upon individuals from both provinces on grounds of knowingly false statements in the filing of tax returns, with the highest individual fine at $2.5 million.
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