Category Archives: equity

CRA Freezing and Seizing Tax Cheat Assets

The CRA is now using ‘proceeds of crime’ provisions to freeze assets and seize property of tax cheats.

Tassé said the proceeds-of-crime provisions can also be used to seize property outside of Canada. For example, if the CRA believes that someone has engaged in offshore tax evasion and used the proceeds to buy a vacation home or a yacht, the CRA could freeze or seize those assets.

Using the proceeds-of-crime provisions also can block tactics used by some tax evaders, such as declaring corporate bankruptcy to avoid paying the taxes, said Tassé.

Read the full article here.

Runaway market taking ‘a breather’

As you may be aware it is always a good time to buy or sell real estate according to most real estate professionals who earn their living by buying and selling real estate.

Well right now it’s a great time to buy or sell real estate because the runaway market is taking a breather.

It’s a “soft landing,” according to Royal LePage CEO Phil Soper, who says their latest house price survey shows the effects of government measures to cool things down.

What were previously called the “dangerously overheated” conditions in Metro Vancouver housing have cooled significantly, but prices have remained resilient.

He says it’s the soft landing policy-makers had hoped for, rather than a crash.

“But it won’t stay this way for long. Household formation in Canada… is going to grow rapidly,” he predicts.

Read the full article here.

Sellers Remorse lawsuit fails

Someone sold their condo to a Realtor who turned around and sold it for $288k more a few months later. A lawsuit followed:

She sold the unit on West 12th Avenue near Manitoba Street for $1.2 million to Stefan Morissette and Christina McPherson in October of 2015.

Gordon sued them and Faith Wilson Realty after learning the condo was re-sold approximately four months later for $288,000 more than what she was paid for it.

In a summary decision, the Justice G.C. Weatherill has determined the retired accountant didn’t suffer a loss when she agreed to sell the condo — for fair market value — to the buyers who placed the highest bid, even though she was hoping to get at least $1.3 million.

Read the full article here.