$240 Million Recovered By The CRA

A review was done by the Canadian Revenue Agency, as they looked into real estate tax evasion in certain areas like British Columbia and Ontario. The investigation took some time, but however turned out well, as it resulted in a $240 million recovery from the investigation.

Most of the cash that was recovered, was from Ontario, after going through more than 13,000 audits, which most had to do with the latest housing and returns from renting out properties.

The CRA had to impose some penalties in relation to the investigation done by them, which summed up to about $12.5 at the end of the investigation. An amount of $2.5 million which was part of the $240 million derived from the real estate tax, was mostly from the Ontario, which was the largest of the cash collected from the CRA probe.