100 Queen Condos . Canadian real estate tax evasion exceeds 1 billion yuan! Diane Lebouthillier, the federal tax minister, announced yesterday that the latest data reviewed by the Canadian Inland Revenue Service (CRA) showed.Please Visit: 100 Queen Condos to Get Your VVIP Registration Today!
It was found that the real estate industry had evaded more than $1 billion in tax since 2015. during the same period, the Inland Revenue Department examined more than 41700 property cases in Ontario and British Columbia, involving fines of over $100m.
The authorities pointed out that last year, the Canadian Inland Revenue Agency dealt with unpaid taxes related to the real estate industry, an increase of 65% over the previous year to 171 million yuan. The fines totaled more than 57 million yuan, more than double that of the previous year.
In the 2019 Budget, the Federal Government plans to spend $50 million in the next five years and continue to allocate $10 million to set up a working Group on Real Estate investigation to focus on tracking tax evasion in Greater Toronto and Greater Windsor. This will have a direct impact on the property market and curb irregular taxes.
These additional taxes will fund social programs and be administered by the federal government, bringing benefits to the nation.
Over the past few years, Inland Revenue Canada has worked with Ontario and British Columbia to respond to the increased risk of tax evasion in the property sector. For example, collecting and exchanging information and improving the reporting of tax issues to ensure that the Inland Revenue Department handles tax risks more effectively and improves audit results.
In addition, BC works with the Canadian Inland Revenue working Group (Canada-BC Ad Hoc Working Group) to address data collection and sharing needs, regulate loopholes, enforce tax laws, standards and education, and improve enforcement and prosecution procedures.
Lebutier said that the federal government is committed to ensuring that the country provides sound buildings for the benefit of its citizens. This year’s Budget plans to allocate funds to the Inland Revenue Department to handle real estate cases and to set up a new working group on real estate taxation to step up efforts to crack down on non-compliant tax returns and implement correct inland revenue ordinances.
According to the regulations, new and renovated residential or rental properties, resale, first lease or personal use are required to declare and pay comprehensive sales tax to the Canadian Inland Revenue Agency. In addition, when purchasing new residential units, they are required to comply with the relevant requirements when applying for rebates for new housing estates.
