14 Sep CRA launches review of B.C. real estate speculators from The Globe and Mail
The Canada Revenue Agency has launched a review into the actions of B.C. real estate speculators in light of a Globe and Mail report that uncovered possible tax evasion and fraud.
On the weekend, the B.C. government urged the CRA to track down tax cheats and toughen up its rules after a Globe investigation showed a network of speculators flips homes for a profit and evades taxes by classifying them as principal residences even though they never lived there.
“Like all Canadians, I am very concerned over allegations that some wealthy Canadians are not paying their fair share of taxes,” Diane Lebouthillier, the minister responsible for the Canada Revenue Agency, said in statement on Monday. “That is unacceptable and I’ve since asked Canada Revenue Agency officials to look into the specifics of the case that was reported by the Globe and Mail recently.”
Full article here: http://www.theglobeandmail.com/news/politics/cra-launches-review-of-bc-real-estate-speculators/article31847258/