ONTARIO AND B.C. FINANCE MINISTERS WEIGH-IN ON CONDO FLIPPING AND C.R.A.

Oct 25, 2017

By Michael Kramer

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Finance ministers from Ontario and B.C. say they’re receptive to the idea of a registry of pre-construction condominium sales.

This comes as the Canada Revenue Agency ramps up efforts to find tax evaders – who earn money flipping condos that are still being constructed.

Ontario Finance Minister Charles Sousa says the government wants the CRA to enforce disclosure of so-called “assignment sales” or “shadow flipping” – where someone buys a condo from a developer – and sells it to another buyer before it is completed –  to prevent tax avoidance of any capital gains.

Sousa’s B.C. counterpart, Carole James, says the province has made some changes to allow for better sharing of information with the federal government – and is looking into ways it can help Ottawa in investigations and audits.

The CRA said Tuesday that it’s analyzing 2,810 transactions of pre-construction condo flipping in Toronto – and may carry out audits to find tax evaders – as  real estate deals in the hot housing markets of Toronto and Vancouver come under greater scrutiny.

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