How CRA Spent Their Summer: Vancouver Real Estate Audit

October 31, 2016

In the summer of 2016, CRA commenced a project to examine taxpayers holding expensive properties in Vancouver where only low amounts of income were reported. The goal of the project was to identify unreported worldwide income, property “flipping”, underreporting of capital gains on sales, and underreporting GST on sales of new homes. CRA has reported that they recovered more than $30 million as a result of this project.

For more information about this project and its result, see: http://www.cra-arc.gc.ca/gncy/cmplnc/rlstt/menu-eng.html.