Canada to crack down on real estate transaction tax cheats

Looking to cheat on your real estate transaction taxes? Bad news, the CRA has decided it doesn’t want you to and is coming after real estate tax cheats.

From April 2015 to March 2017, the CRA audits of real estate transactions resulted in more than $329.4 million in assessed income that had not been reported. During this time, the CRA applied over $17 million in penalties, primarily associated with Canada’s two major real estate markets in Toronto and Vancouver.

Canadians work hard for their money and the Government of Canada recognizes that many families count their principal residence as both their home and most valued asset.‎ The CRA will continue to strengthen relationships with key partners such as provinces, territories, and municipalities to further expand, obtain, and exchange information on real estate transactions, thereby enhancing the CRA’s ability to combat tax evasion and avoidance.

17 million in penalties? That’s almost enough to buy a fixer-upper on the north shore!

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[…] –only 63 million […]

Combat roach
Combat roach
3 years ago

San Francisco Is Burning

A series of strange and unsettling fires in the Mission District have people wondering: Are the city’s landlords using arson to drive out low-income tenants? And is this the deadly endgame of gentrification and tech-boom greed?

http://www.gq.com/story/san-francisco-is-burning

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago

the no 3 road richmond mcdonalds is selling hamburgers for 67 cents tomorrow.

any predictions on how that will turn out?

Combat roach
Combat roach
3 years ago

Free facking salt, déjà vu,..

Abdul Lahazi
Abdul Lahazi
3 years ago

There will be an epic traffic jam of high end German cars.

LS in Arbutus
LS in Arbutus
3 years ago

Check out the the number of sales under assessed value on this page:
https://twitter.com/Hutchyman

bullwhip29
bullwhip29
3 years ago

Vancouver Art Gallery plaza unveiled after $9.6M facelift
http://www.cbc.ca/news/canada/british-columbia/vancouver-art-gallery-plaza-unveiled-after-9-6m-facelift-1.4174164

>>> the soon to be former art gallery gets nearly a $10M makeover consisting of paving stones, park benches, flower pots and an awning. i suppose the flipside to this is that the next tent city will be much easier to clean up… mayor moonbeam always one step ahead 😉

Best place on meth
Best place on meth
3 years ago

The 63 million Vancouver listing has made it to Bloomberg, Drudge and many others.

https://www.bloomberg.com/news/articles/2017-06-22/vancouver-mansion-lists-for-record-48-million-in-buoyant-market

Best place on meth
Best place on meth
3 years ago

Vote on the throne speech could be pushed up as early as Monday.

Krusty may be down to her last 3 days before getting fired as Premiere.

Soon we’ll be listening to the Honourable David Eby, the new Minister of Housing put forward legislation to crack down on and clean up the massive housing fraud/shitshow that has gone on for far too long.

franko
franko
3 years ago

” David Eby…..bla bla….will clean up the massive housing fraud ”

and I have bridge for sale that you might be interested in, in Brooklyn

Oracle
Oracle
3 years ago
Reply to  franko

Another BC Lib house pumper outed.

YVR
YVR
3 years ago

Eby will be getting approval from the ‘experts” on anything he does. Cameron Muir must personally approve any legislation. Expect home buying incentives as a first step.

franko
franko
3 years ago
Reply to  Combat roach

Yup, close to UBC and public transit. Saves money from long commutes.

Best place on meth
Best place on meth
3 years ago
Reply to  Combat roach

Plenty of space for outdoor hobbies.

Maybe duck farming.

Yikes
Yikes
3 years ago

Rice fields in backyard will qualify for lower farmer property taxes like in Ditchmond

Abdul Lahazi
Abdul Lahazi
3 years ago
Reply to  Combat roach

It has an in law suite!

paulb
paulb
3 years ago

New
208
Price Change
49
Sold
175

TI:9413

http://www.clivestevepaul.com

southseacompany
southseacompany
3 years ago

“Canada’s Housing Bubble Will Burst” Bloomberg

https://www.bloomberg.com/view/articles/2017-06-21/canada-s-housing-bubble-will-burst

“U.S. homeowners know what can happen to the economy when the market destabilizes. By Ben Carlson”

Just me
Just me
3 years ago

This is a good article. I especially liked the graphs.

Bear Vancouverite
Bear Vancouverite
3 years ago

Mega Flip that Flopped, listed $1M lower than last sold price.

1384 W 57th Avenue

2016 Assessed: $3,489,300
2015 Assessed: $2,376,800

Now listed for $2,688,000
Last sold May 2016: $3,661,800
– $973,800 or -26% from last sold price

And here’s the beauty about it in the listing:

“One of the Sellers is a licensed Realtor.”

Chances are this one will get sold eventually though (and possibly at this price), its right at the Granville corridor which is undergoing massive densification into townhomes.

Bear Vancouverite
Bear Vancouverite
3 years ago

It looks like the flippers were trying to originally flip this for $4.4M.

Hopefully we see more failed flips like this to burn and scare away speculators

Just me
Just me
3 years ago

A 1 milllion write off for a realtor? At last some divine justice.

Abdul Lahazi
Abdul Lahazi
3 years ago

Foreign home buyers surge 37 per cent in Montreal on growth in Chinese purchases :

https://app.tmxmoney.com/news/cpnews/article?locale=EN&newsid=TBDJHH1220&mobile=false

Buyers from China accounted for the strongest growth in Montreal, representing 17 per cent of all foreign buyers, up from less than 10 per cent in the first quarter of 2016.

There is no stopping these fine people from a far-away land.

bullwhip29
bullwhip29
3 years ago
Reply to  Abdul Lahazi

i know msm schills and RE cartel trying to promote montreal as the next vancouver, toronto but i wish them luck.

Just me
Just me
3 years ago
Reply to  Abdul Lahazi

They are “investors”, right? Good for the economy according to the BC Libs and Christy Clark. She may not say it as plainly, but her actions for the past 6 years speak volumes. Let’s get rid of her!

YVR
YVR
3 years ago
Reply to  Abdul Lahazi

17% of all foreign investors is supposed to be significant?

YVR
YVR
3 years ago
Reply to  YVR

That is 17% of 1.8%. Can you say irrelevant.

Best place on meth
Best place on meth
3 years ago
Reply to  YVR

Pretty unimpressive when they’re 100% in Vancouver.

bullwhip29
bullwhip29
3 years ago

B.C. Legislature elects Liberal Steve Thomson as Speaker
http://www.cbc.ca/news/canada/british-columbia/steve-thomson-speaker-1.4173360

>>> meet this year’s version of Ben Stewart. Is a cushy, luxurious Beijing office complete with all the perks awaiting his arrival upon his resignation as speaker?

Bear Vancouverite
Bear Vancouverite
3 years ago

Hey Skook, those of us who have been here longer appreciate the data you collect and post. Don’t let the new crop of low quality posters deter you.

Cheers.

bullwhip29
bullwhip29
3 years ago

>>> complete and total MSM manipulation…

Foreign home buyers surge in Montreal as Chinese continue to buy; number of foreign buyers in the Montreal area surged by 37% in the first four months of the year.
http://globalnews.ca/news/3548691/foreign-home-buyers-surge-in-montreal-as-chinese-continue-to-buy/

“236 purchases by foreigners accounted for 1.8 per cent of all real estate transactions…up from 1.3 per cent of total sales a year earlier…”

bullwhip29
bullwhip29
3 years ago

Chinese regulators step up scrutiny of the country’s most prolific overseas acquirers
https://www.bloomberg.com/news/articles/2017-06-22/cbrc-said-to-seek-details-on-wanda-fosun-hna-overseas-loans

bullwhip29
bullwhip29
3 years ago
Abdul Lahazi
Abdul Lahazi
3 years ago
Reply to  bullwhip29

Clark should just concede defeat and step aside. This pointless political posturing is ridiculous. She obviously does not care about the middle class and in fact every time the Libs tinker with the housing market it just drives up prices even more. And i have to also wonder how this program will be abused by speculators.

bullwhip29
bullwhip29
3 years ago
Reply to  Abdul Lahazi

this has scam written all over it whereby naive renters will be seduced by the idea of paying extra money up front to chip away at building a nestegg to buy something they either won’t be able to afford X yrs down the road OR something built to even lesser standards because developers know tenants will have no choice but to stay either as a model tenant or possibly as enthusiastic owner because they have some skin in the game now. there’s also the questions of which properties would qualify, who would get those contracts, would any tax dollars be funnelled into said projects and so on and so forth…

bullwhip29
bullwhip29
3 years ago
Reply to  bullwhip29

put another way, this looks like nothing more than a loyalty rewards program where users will likely get it in both ends

bullwhip29
bullwhip29
3 years ago

Apartments, dubbed “mosquito-size units” or “gnat flats” drawing online ridicule
http://www.vancouversun.com/business/hong+kongs+mini+apartments+boom+property+prices+soar/13458349/story.html?

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago
bullwhip29
bullwhip29
3 years ago

hats off to warren, he got a great deal. makes all the money if it works, loses little if anything if housing mkt goes belly up. i suspect in the interim he will channel sales of new homes (which he also has direct stake in) thru HCG

Best place on meth
Best place on meth
3 years ago

10% interest on the loan.

That’s an investment in junk, he must be getting senile.

Shut It Down Already
Shut It Down Already
3 years ago

You’re totally smarter than him.

history
history
3 years ago

Uber is in the news. This co seems to be important to a few people here, as they look for the cheapest and conveniant method to the airport, whilst they can jet off to their next heloc inspired vacation, or back and forth to check on the empty house.

It appears the Uber founder and CEO has resigned. Not on Monday, or Wednesday, but Tuesday. And not just Tuesday in general, but Tuesday late afternoon. This is interesting to note, because, altho the MSM doesnt enlighten us, Tuesday, just prior to the setting of the Sun, was the Summer Solstice.

MLS watch
MLS watch
3 years ago

This excellent website now includes vancouver data
http://www.garylittle.ca/map.html

Skook
Skook
3 years ago

Abdul Lahazi wrote: “Self promotion is not relevant…” Well, Abdul, you obviously don’t know that history of Vancouver Condo Info. For starters, this current VCI site is its second incarnation. The original members here were big in generating their own stats/charts to back up their opinions and so the VCI administrator created a sister site, Vancouverpeak.com, as a place for those stats/charts. In March 2013, admin created two forums for me at VanPeak to post Sunshine Coast and Vancouver Island stats. I would still be posting there but the site underwent a forced update and admin didn’t have the time to set it right. That’s why I’m using Blogger for my stats. If you don’t see the relevance for Sunshine Coast, Powell River and Bowen Island stats, then you need to start looking beyond your own backyard. Vancouver speculators and… Read more »

Abdul Lahazi
Abdul Lahazi
3 years ago
Reply to  Skook

Well I guess you have to get your eyeballs somehow. Try spamming Garth Turner too.

history
history
3 years ago

here is something interesting to the vci students of history (not co-opted by credit card lifestyle… 😉

The Taiping Rebellion in China, being concurrent with U.S. Civil War1860-65… and Neptune’s position in Aries…
.
… So …. who is your buddy in 2024-2025, when Neptune roles into Aries? the French? the Germans? the Russians? How about the MSM, who rule the UN and media fifth coloumn?

maybe it’s too far in the future, your pension wont’d give a damn, or even the Money.. it will change.

During WW2 a good fight was an appealing feature. You had a Good War, if you scored a few shits, and layed a woman or two.

Just me
Just me
3 years ago
Reply to  history

Get help.