Recap On Tax Report For Real Estate

An amount of $240 million was recovered from the tax audit done for the real estate in both Ontario and B.C. Most of the cash was collected from an investigated case in Ontario last year April and this September 2016. While $30.3 million was recovered in B.C based on the disclosed date on the website of the agency.

The specific area which the CRA focused on when it comes to real estate where: questionable fund sources, unreported capital gains and unreported taxes, housing flipping, tax rebates claimed on home sales and unreported income.

The money recovered from Ontario has mostly formed audits which had to do with rebates, while the rest was derived from income tax audits and the GST/HST cases.

The recovering of money in B.C was quite different as most of the money was retrieved after more than 300 GST/HST audits.

For the time being, $7.1 was recovered individually from income tax and reimbursed analyses. For those who fabricated their statement while filing their tax returns for the past one and a half years were penalized with $12.5 million in both provinces. The highest fee paid per person was $2.5 million.