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that came into effect Jan. 1, 2023, and were designed to “reduce speculative demand in the marketplace and help to cool excessive price growth.”realized on the sale of your home if you’ve owned it for less than 12 months, and they tax the gain on the sale of any residential real estate as 100 per cent taxable business income, subject to certain exemptions for life events such as death, disability, separation and work relocation.
Because the CRA only reassessed the taxpayer for the unreported 2016 sale in 2021, the first issue before the Tax Court was whether the agency was permitted to reassess him beyond the normal three-year reassessment period. To do so, the CRA must generally demonstrate, on a balance of probabilities, that a taxpayer made a misrepresentation attributable to “neglect, carelessness or willful default or committed fraud” in filing their tax return.
In court, the taxpayer said that, at the very least, he should be entitled to capital gains treatment, meaning that only 50 per cent of the gain is taxable. The remaining issue regarding the sale of the property was whether the $73,000 gain was to be taxed as a capital gain or income. Because the taxpayer didn’t report the disposition at all in his 2016 tax return, the court was forced to solely rely on the evidence presented at trial to determine whether the income account treatment alleged by the CRA should stand. On this point, the taxpayer didn’t elaborate, except to maintain that he wanted to rent out the property.
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