The real estate sector continues to be a cash cow for CRA audits. The Honourable Diane Lebouthillier, Minister of National Revenue, recently announced that since 2015, CRA audits have identified over $1 billion in additional gross taxes related to the real estate sector. And the numbers are on the rise. In 2018, CRA real estate audits assessed 65% more tax and 100% more penalties. Dean Blachford, head of the tax litigation department at HazloLaw – Business Lawyers,  expects even more assessments to come. Budget 2019 provided CRA a total of $60 million over 5 years to operate a Real Estate Task Force.

To read the Minister’s press release, click here

To better understand property flipping reassessments, check out an article Dean co-authored here.