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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