BC, Canada, debt, economy, equity, politics, prices

Canada to crack down on real estate transaction tax cheats

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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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Abdul Lahazi
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What about catching all the cheaters from the last 15-20 years? How much tax has not been collected in that time frame? Billions I’d think.

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2 years 25 days ago
YVR
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$17 million in penalties for 2 years. Usually the penalty is equal to the tax evaded. Doesn’t seem like much considering catching RE tax evaders should be fairly easy.

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2 years 25 days ago
Owen
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If you assume a 20% capital gains rate on $330 million income, that’s $66 million of taxes evaded, and only ~25% penalty applied. Seems very low, why not try to cheat!

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2 years 25 days ago
patriotz
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patriotz
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They said $330 mil assessed, i.e. taxable, income, net of the 50% capital gains inclusion if applicable.

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2 years 24 days ago
patriotz
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“Assessed income” means taxable income. CRA does not call gross capital gains “income”.

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2 years 24 days ago
BubbleTea
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Ha! They have been asleep at the wheels for so long, I would doubt anything has changed.

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2 years 25 days ago
Diadora
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In 2017, Units of empty housing in Van 25,502, Surrey 11,195, BBy 5829, Rich 4021. We do not have a supply problem, we have a money laundering and tax evasion Problem!

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2 years 25 days ago
Oracle
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Those units are occupied by non residents (Foreign students, non-residents on 10 yr visitor visas).

READ the definitions.

No wonder Canada going down the drain. People just read headlines.

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2 years 25 days ago
Bear Vancouverite
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Not 100% of those units are occupied by foreign students or non-residents, unless they are invisible and have no furniture. I walked down my street yesterday and a could easily see into 10+ condo units with my naked eyes, and they were devoid of any furniture.

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2 years 25 days ago
Oracle
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Fair enough. But none here in Surrey.

And 40-50,000 people move here every year so those empty units from last year probably almost filled.

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2 years 25 days ago
Owen
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That’s interesting. Is there any chance they are rented to students who are gone May-August? How many condo units can you see into on your walks?

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2 years 25 days ago
Bear Vancouverite
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I live in Downtown Richmond, which some people like Steve Saretsky have nicknamed the center of some of the empty condo crisis.

If I walk one circular block around where I live there are at least 6 condo towers. Sometimes the empty units have their blinds open, and you can see with 100% conviction they are empty because there is no furniture. I’d say you can reliably do this for the first 6-8 floors of a building. There’s one building I look at where the corner unit of 4 floors are empty, and this is a 100% sold out development finished building in the past 4 years.

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2 years 24 days ago
Bear Vancouverite
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Diadora, I agree that we have an empty house problem and believe we’ve been overbuilding, but how do you explain the CMHC stats that Owen quoted showing we were underbuilding for the past 10 years?

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2 years 25 days ago
Oracle
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This is a distraction from the coming China Free trade agreement.

Just wait until boomers realize their pensions are worthless when there are no younger workers to support it.

Canadians asleep.

All production shipped overseas and what’s left here?

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2 years 25 days ago
Bear Vancouverite
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This is false. Just to counter Oracle’s BS:

Pensions (aka the CPP) are well funded and has been running a surplus.

Here’s a quote from the CPP report:

“In his September 2016 report to Parliament, the Chief Actuary of Canada confirmed that the CPP remains sustainable at its current benefit and contribution levels for at least the next 75 years.”

And

“the annual amount of contributions paid by Canadians into the CPP is expected to exceed the annual amount of benefits paid out until 2023, and to be less than the amount of benefits thereafter. ”

You can see the source facts here:

https://www.canada.ca/en/employment-social-development/programs/pensions/reports/annual-2016.html

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2 years 25 days ago
Oracle
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See the terms wanted by China in any agreement. The right to import workers.

If I own an private post sec college, I reserve right where (country) to hire workers from.

Good luck.

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2 years 25 days ago
Abdul Lahazi
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But facts don’t matter when it is easier to spew BS when someone has their own agenda.

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2 years 25 days ago
Oracle
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Who said CPP. Im talking about other pensions.

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2 years 24 days ago
Shut It Down Already
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If you’re talking about “other” pensions then why are younger workers needed to support them?

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2 years 24 days ago
Abdul Lahazi
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Puerto Rico families fight, flee a surge in foreclosures :

https://app.tmxmoney.com/news/cpnews/article?locale=EN&newsid=i91716&mobile=false

An average of 14 families lose homes every day to foreclosure in Puerto Rico, more than double the rate a decade ago as the island faces a real-estate crash worse than the one that sparked the Great Recession on the U.S. mainland.

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history
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Puerto Rico is a beautiful place. The elites are trying to eliminate the flotsam and jetsom on this island, like they did on Trinidad, and one day they will do on Fuji. Dump them in Surrey with a credit card and advise them to speculate on RE as a way-of-life.

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2 years 24 days ago
Abdul Lahazi
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Chinese driver ?

http://www.cbc.ca/news/canada/british-columbia/distracted-driver-with-14-infractions-banned-from-driving-1.3522977

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2 years 25 days ago
Skook
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So?

What has this got to do with real estate?

Skook

https://sunshinecoastbcrealestatestatistics.blogspot.ca/

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2 years 24 days ago
Abdul Lahazi
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She is a Realtor.

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2 years 24 days ago
bullwhip29
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just like New Coast was supposedly slapped with handcuffs it later morphed into new spin off firms like nustream, metro edge etc shortly after and continued on business as usual, this driver is likely still on the street with a new DL under a different name. as i mentioned before, there must be some deep rooted hands off policy in place as the powers that be are scared $hitless of offending those that are effectively paying their salaries

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2 years 24 days ago
Abdul Lahazi
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Stop flogging your site here. Please.

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2 years 24 days ago
Shut It Down Already
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Skook’s posts are relevant to real estate whilst yours are toxic drivel.

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2 years 24 days ago
Abdul Lahazi
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Self promotion is not relevant and neither are you.

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2 years 24 days ago
Just me
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Defending fellow realtors?

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2 years 24 days ago
Shut It Down Already
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“If you disagree with me you must be a realtor”

… says every fucking retard who posts here.

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2 years 24 days ago
Yellow Beaver
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Wow, that only happened 13 months ago.

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2 years 24 days ago
Just me
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Prices may be slow adjusting down, but down they are still going. Check it for yourself:

http://myrealtycheck.ca/

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2 years 24 days ago
Shut It Down Already
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Zolo says average prices are higher than a year ago, and when broken down by property type most of those are up too.

Zolo tracks sold properties, making it more reliable than simple price change data.

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2 years 24 days ago
Just me
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Composition changes are not accounted for by Zolo. Moreover, changes are quite marginal YoY.

Of course, if all categories went up, there is no question. But it seems to me that the high end has retreated since the number of mainland Chinese was reduced (for a variety of reasons) a year ago.

Given the nature of the housing market, there is a cascading effect of lower prices from the top to bottom. As people who can no longer afford the top tier move down one notch, they push up the prices in that segment. It is a domino effect, where the richer crowd out the poorer.

This market is starting to show signs of serious fatigue. As it should be, after a 10 year run-up.

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2 years 24 days ago
Just me
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Actually, I just checked Zolo again. For Vancouver the YoY price change is -3.5%. So there was an aggregate slowdown. Of course it changes by category. But the aggregate bottom line is negative. By quite a bit (if you factor in inflation at 2%, the real drop is closer to 5%).

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2 years 24 days ago
Skook
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You’ve a great site, Just me. I agree with you. I hope to post Powell River’s 2017 sales stats tomorrow or the day after. The 12-mth rolling res unit sales chart has turned and the fall is tracking steeply. More listings are coming on stream so we could start to see falling prices the norm.

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2 years 24 days ago
Woot?
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Thats not what I have seen last week. Received record high $/sqft offer for my condo in Yaletown.

Walking idiot is better than sitting smart…just saying.

Best of luck to all the smart people here.

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2 years 24 days ago
Kim
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Don’t forget most people buy real estate with leverage. So a 3% drop is really 15% for those with a 20% DP, more if you factor in taxes, fees, etc.

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2 years 23 days ago
Just me
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Opinion: Canada’s Housing Bubble Will Burst.

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

Worth reading carefully. Look especially at those graphs.

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2 years 24 days ago
Oracle
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Immigration is the difference

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2 years 24 days ago
bullwhip29
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Premier Christy Clark is revealing more details of what the BC Liberals are calling a “preview of a renewed plan for B.C.,”
http://globalnews.ca/news/3546014/clark-pledges-no-new-election-1bn-for-childcare-in-platform-relaunch/

>>> i suppose if horgan/weaver are naive enough to take the bait krusty is laying out, then they deserve what I see as the inevitable result. it is clear to me that the Libs already know the Lt Gov will intervene and are therefore are free and clear to say (not necessarily do) all the right things at this point in time thereby putting the greeNDP in a position to have to vote down what seems to be a platform more in line with what they originally campaigned on. check mate…

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2 years 24 days ago
Best place on meth
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Best place on meth
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How on earth did Krusty suddenly find a billion extra dollars for child care?

It wasn’t there yesterday.

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history
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it’s only there to be voted down by the coalition. Pure class warfare at this point.

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2 years 24 days ago
bullwhip29
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The Liberal government has become a pro-China propaganda machine
http://nationalpost.com/g00/opinion/terry-glavin-the-liberal-government-has-become-a-pro-china-propaganda-machine/wcm/d2c6b53a-a45d-47ea-85ff-1c55b00c8a92

>>> if there is anything trudeau can do to help krusty out, it is a given that he will do it

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Combat roach
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Horror, disgusting but humiliating.

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2 years 24 days ago
Just me
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Trudeau has visibly helped Christy Clark in the last election, when he refused to rule out the feasibility of Clark’s tax on US coal. They were a joke, Trudeau knew it, but he refused to condemn Clark. What is the key reason why Trudeau needs Clark? In one word: pipelines. He needs a BC government that approves pipeline expansions sanctioned by the Feds. If the BC NDP and Green stand in his way on pipelines, he is bound to lose both face a support in many ridings (as he will have to force them through, hence revealing that he wants new pipeline at any cost). In a way, it is amazing that the BC NDP and Greens managed to obtain the number of seats they did: they were opposed both by Trudeau (at the Federal level) and by the Alberta… Read more »
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history
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Christy is showing her colours, they are blue and red. Trudeau is red and blue.

Remains to be seen if green and orange take the rudder.

Purple is the other colour, of regents and royalty, propped up by ass licking MSM.

Yellow is the odd man out.

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2 years 24 days ago
Best place on meth
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Turdeau’s colours are red and yellow, the colours of the Soviet and prc.

Just like his father, the communist appeasing, America hating hippie, only Turdeau the younger is a feminist who can’t string together 3 words without “uhh”.

Margaret smoke week while pregnant.

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history
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okay, the turd is commie, controlled by UN commies, and PRC commies, i get it.

Canada isnt a real country, just a lot of land for the spooks to fill with their credit card baby makers

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2 years 24 days ago
Best place on meth
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It’s obvious that Traitor Trudeau wants to destroy Canada.

Trump needs to summon him to the White House and slap him around.

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2 years 24 days ago
KickThemOut
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No wonder you like being the butt boy so much…you love to be nothing more than the #1 vassal of USA.

And another reason why bears can’t get ahead…you don’t even know that Trump is diametrically opposite of NDP & Green.

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2 years 24 days ago
paulb
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New
253
Price Change
57
Sold
241
TI:9398

http://www.clivestevepaul.com

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Best place on meth
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8 more days until Krusty’s toppled!

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history
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and the clusterfuk wasteland she leaves will be polluted beyond the scope of our understanding.

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2 years 24 days ago
Combat roach
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Not enough Chinese influence to keep market up as in their stronghold, Vancouver.

Toronto House Prices Have Already Fallen 12% From Their Peak

http://m.huffingtonpost.ca/2017/06/21/toronto-house-prices-have-already-fallen-12-from-their-peak_a_22528595/

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2 years 24 days ago
Best place on meth
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Guys, please don’t use the word chi-na-man anymore ok?

Apparently it’s been banned by the Frenchman who runs this blog and he forgot to mention it.

As far as I know, locust and commie vermin is still ok.

Thanks in advance.

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2 years 24 days ago
Combat roach
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I would think it isn’t derogatory. Crap, yet another example of meaningless political correctness.

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2 years 24 days ago
Shut It Down Already
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It’s a racial slur, prick.

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2 years 24 days ago
Combat roach
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Shithook, is there any shit to be said here without you poking a nose in it? Bugger off for fuck sake!

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2 years 24 days ago
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Solid contribution as always, genius.

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2 years 24 days ago
history
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The Toronto thing woke everyone up in Canada. Vancouver took a back seat and made Indo and Chinese in Vcr realize their infallibility.

Like Japan in the late 30s

you wanna fuck with Canada, better know your history.

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2 years 24 days ago
Abdul Lahazi
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True story: Today I am driving along Imperial Street in Burnaby by Nelson Ave. and I spot several very high end cars parked on the side of the street; a Lamborghini and R8 among them. Then I see a whole group of smarmy Asian dudes and their chicks oogling the boarded up apartment building on the corner and pointing excitedly. So I put two and two together and figure they must be the “investors” or at least someone who has some interest in the ongoing developments in that area. So the poor renters get the boot for these Lambo driving douchebags to make even more money from the other greedy Asians who will buy these new condos. No wonder they are so despised by everyone.

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2 years 24 days ago
Combat roach
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The trash figured that they can obscenely flaunt their shit in Canada because people are “nice and naive”. However that shitshow will eventually stop as soon as frustrated plebs start wiping asses with them.

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2 years 24 days ago
Just me
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Christi Clark calls them investors. And she insists our fate is dire without them

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2 years 24 days ago
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Quote?

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2 years 24 days ago
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Wow. That’s one fertile imagination.

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2 years 24 days ago
KickThemOut
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Good to know you enjoy living in dilapidated apartments.

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2 years 24 days ago
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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.

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2 years 24 days ago
Just me
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Get help.

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2 years 24 days ago
Skook
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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 »
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2 years 24 days ago
Abdul Lahazi
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Well I guess you have to get your eyeballs somehow. Try spamming Garth Turner too.

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2 years 24 days ago
MLS watch
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This excellent website now includes vancouver data
http://www.garylittle.ca/map.html

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2 years 24 days ago
history
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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.

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2 years 24 days ago
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Berkshire Hathaway Invests in Embattled Lender Home Capital

https://www.bloomberg.com/news/articles/2017-06-22/berkshire-hathaway-to-invest-in-embattled-lender-home-capital

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2 years 24 days ago
bullwhip29
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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

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2 years 24 days ago
Best place on meth
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10% interest on the loan.

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

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2 years 23 days ago
Shut It Down Already
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You’re totally smarter than him.

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2 years 23 days ago
bullwhip29
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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?

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2 years 24 days ago
bullwhip29
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Bubblicous Victoria, BC featured in WSJ
http://www.wsj.com/video/victoria-canada-in-midst-of-real-estate-frenzy/76285647-63D1-4E82-8583-6055EE424811.html

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2 years 24 days ago
KickThemOut
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OUCH….

Buffet invests in Home Capital Group

http://www.zerohedge.com/news/2017-06-22/buffett-stuns-market-after-berkshire-acquires-384-home-capital-group-provides-c2-bil

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2 years 24 days ago
bullwhip29
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Liberals to unveil rent-to-own housing program in throne speech
http://vancouversun.com/news/politics/liberals-to-unveil-rent-to-own-housing-program-in-throne-speech

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2 years 24 days ago
Abdul Lahazi
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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.

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2 years 24 days ago
bullwhip29
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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…

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2 years 24 days ago
bullwhip29
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put another way, this looks like nothing more than a loyalty rewards program where users will likely get it in both ends

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2 years 24 days ago
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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

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2 years 24 days ago
bullwhip29
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>>> 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…”

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2 years 24 days ago