In a financial review that was done by the Canada Revenue, tax cheats were discovered, with a received fine of about $17 million since 2015 of April and March 2017.
The fines came in light of the audits done by CRA during that time period that showed an amount of $329 million of income that was not accounted for, which was predominantly likened to dealings and business transactions in Vancouver and Toronto’s real estate sector.
The Minister of National Revenue, Diane Lebouthillier said; “For many Canadians, buying a home is one of their proudest moments and represents one of their most important investments. Our Government has committed to protecting the fairness and integrity of the tax system for all Canadians, notably by cracking down on tax cheating in real estate transactions. This means that, without exception, every taxpayer abides by the same tax laws.”
More than 21,000 files were done and completed by the CRA in connection to the housing market in that two-year period which was recounted and intends to have its compliance procedures in the real estate segment even more improved.