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CRA Going After Non-Declaring Flippers

Blog by | October 12th, 2017

FYI - CRA is going after real estate flippers who did NOT declare the profit they made when they assigned their contract. CRA has been taking developers to court to obtain court orders requiring the developers to release information identifying pre-sale condo buyers who assigned their purchase contracts before completion. So far CRA has obtained court orders against Marine Gateway and the Residences at West to obtain the information. CRA are now going after Westbank's Telus Garden development on Richards Street and Concord Pacific's One Pacific building on Smithe. Lesson of the day (which you should already know): if you make a profit DECLARE IT!