TCC: THE CRA CAN HAVE ITS CAKE AND EAT IT TOO!
TCC CONFIRMS THE CRA CAN TAX HOUSE FLIPS WHILE DENYING OFFSETTING ITCs
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When auditing many isolated residential real estate developments, the Canada Revenue Agency ("CRA") often insists on having its cake and eating it too: it assesses GST on the full selling price of a newly constructed home but denies the vendor every single Input Tax Credit ("ITC") on their selling costs.
HOUSE FLIPPING & SALES HISTORY
TCC FINDS HOUSE HELD AS INVENTORY DESPITE OCCUPANCY
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As we blogged about here, the CRA continues to pursue homeowners and builders who buy, renovate or construct, and resell residential properties, often finding them liable to collect and remit GST/HST as “builders” under the Excise Tax Act (“ETA”).
Toronto Office
10 Lower Spadina Avenue, Suite 200, Toronto, Ontario, M5V 2Z2 Canada
Phone: (416) 864-6200| Fax: (416) 864-6201
