Tax auditors uncover, on average, $86,036 per re-assessment in their real estate-related audits in 2023; lifestyle/income and capital gains audits account for majority of findings in B.C.
The Canada Revenue Agency continues to unearth hundreds of millions of dollars of tax avoidance and evasion in B.C. real estate transactions annually.
Auditors are looking at three key areas: unreported income and capital gain taxes; ineligible GST/HST rebates; and unreported GST/HST on the sale of new or renovated homes. “The CRA can establish correlations between a taxpayer’s reported income and their lifestyle. The acquisition of expensive assets, such as a high-end home, without an obvious income source, can be an indicator of potential unreported income on income tax returns,” the report states.
“It is the responsibility of the buyer of the property to know whether the seller is a Canadian resident or a non-resident. Usually, the notaries or real estate lawyers who complete the legal documents associated with real estate transactions have the responsibility to complete these verifications.
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