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Subscribe to this list via RSS Blog posts tagged in Substantial Renovation

Posted by on in Tax Law

Substantial Renovation - Tax & Trade Blog

International Trade Report

Authors: Robert Kreklewetz

CRA HOME "BUILDER" AUDITS USING MLS DATA!

THIRD-PARTY RESOURCES TAKING CRA AUDITS TO THE NEXT LEVEL

As we have previously written here, the Canada Revenue Agency (“CRA”) has significantly expanded its audit activity in the residential real estate sector – particularly targeting homeowners and renovators as “builders” for GST/HST purposes, triggering tax on the sale of homes following substantial renovation (and parallel income tax exposure).   In another troubling trend, CRA is now using third-party sources like MLS Listings to rebut taxpayer positions that these homes were intended as personal residences – often to great surprise and disappointment of the "builders".

Real Estate Audits & Use of Third-Party Sources

Tagged in: CRA Real Estate Audits Home Builder Notice of Assessment/Objection Residential Real Estate Sector Substantial Renovation
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