Some Toronto condo sales face CRA scrutiny

[JamDuq]

As per today's Toronto Star: (April 15)



The Canada Revenue Agency is taking hard look at people selling condos for big profit after long boom



Some sellers of new Toronto condos are seeing years of price gains in a booming market taxed away. Canada Revenue Agency auditors have added penalties to taxes for those who claimed their condo as a home, but soon changed their minds and sold.



Here is the link



Be aware of this if you have or plan to sell your condo....

 

[elliejensen1001]

Thanks for the information

 

[Thomas Beyer]

About time. Much tax abuse by flippers, foreign investors or "home" owners. One solution to the vast increase in SF home price increase in Vancouver and GTA, but also to a lesser degree in other cities, is to enforce capital gains or business income taxes, increase land transfer taxes or force registration of property purchase with CRA. Don't restrict foreign ownership, just monetize it.

More on this here from Vancouver: http://www.vancouversun.com/busines...ution+foreign+buyer+issue/11428509/story.html