The Canada Revenue Agency (CRA) continues to unearth hundreds of millions of dollars of tax avoidance and evasion in B.C. real estate transactions annually.
Between April 2022 and March 2023, the agency issued $171.9 million of re-assessments from 1,998 files, according to the latest published figures of the agency’s real estate non-compliance tax audit program.
Since launching the program in 2015, the auditors have now completed 13,983 audit re-assessments totalling $1.309 billion in B.C. alone. The program primarily targets transactions in the greater Vancouver and Toronto areas. In Ontario, the agency has completed 60,716 audit re-assessments totalling $1.397 billion, since 2015.
The 9,078 total audits in 2023 amounted to re-assessments
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