Friday, November 24, 2017
ADVT 
National

Ontario, B.C. Mull Pre-Construction Condo Sales Registry Amid CRA Crackdown

The Canadian Press, 26 Oct, 2017
  • Ontario, B.C. Mull Pre-Construction Condo Sales Registry Amid CRA Crackdown
VANCOUVER — Ontario and B.C.'s finance ministers say they are open to the idea of a registry of pre-construction condominium sales as the Canada Revenue Agency ramps up efforts to find tax evaders who earn money flipping condos still being built.
 
Ontario Finance Minister Charles Sousa says the government wants the CRA to enforce disclosure of so-called assignment sales or shadow flipping, where a buyer purchases a condo from a developer and sells it to another buyer before it is completed, to prevent tax avoidance of any capital gains.
 
His B.C. counterpart, Carole James, says the province has made some changes to allow for better sharing of information with the federal government, and is looking into ways it can assist the federal government in their investigation and audits.
 
She says the provincial government is discussing a registry of condominium presales and assignment sales, which some have suggested might help the problem, but stresses it's one of many possible options.
 
Sousa says he's supportive of anything, including a registry, that enables the government to ensure full disclosure.
 
The CRA said Tuesday it is analyzing 2,810 transaction of pre-construction condo flipping in Toronto and may carry out audits to find tax evaders. The agency says real estate deals in the hot housing markets in the Toronto and Vancouver areas have been the subject of greater scrutiny.

MORE National ARTICLES

Police Bring In Specialists To Help Search B.C. Property Where Remains Found

Police Bring In Specialists To Help Search B.C. Property Where Remains Found

SALMON ARM , B.C. — The Mounties are bringing in specialists to help search a rural property in Salmon Arm, B.C., where they say human remains have been found.

Police Bring In Specialists To Help Search B.C. Property Where Remains Found

Parole Board Of Canada Denies Edmonton Hostage Taker Patrick Clayton's Appeal For Release

Parole Board Of Canada Denies Edmonton Hostage Taker Patrick Clayton's Appeal For Release

ABBOTSFORD, B.C. — A man who took nine people hostage at gunpoint in Edmonton has lost a Parole Board of Canada appeal for release from custody.

Parole Board Of Canada Denies Edmonton Hostage Taker Patrick Clayton's Appeal For Release

ADVT

Navdeep Bains Says Federal Government Will Consider Legislation To Protect Employees'

Navdeep Bains Says Federal Government Will Consider Legislation To Protect Employees'

"This is a legitimate issue and a legitimate challenge," Bains said Wednesday, adding that the government is "very mindful" of the fact that bankruptcy "could happen at any time with any company."

Navdeep Bains Says Federal Government Will Consider Legislation To Protect Employees'

ADVT

Vancouver Housing Market Remains 'Highly Vulnerable': CMHC

Vancouver Housing Market Remains 'Highly Vulnerable': CMHC

Canada Mortgage and Housing Corp. says the country's housing markets remain "highly vulnerable" with evidence of moderate overvaluation and price acceleration.

Vancouver Housing Market Remains 'Highly Vulnerable': CMHC