Katya Whelan
Sales Representative

Right At Home Realty Inc.
Brokerage

480 Eglinton Ave. West, Unit 30, Mississauga, L5R 1Y5

Phone: 905.565.9200  Mobile: 416.471.6372

 

 

 

 

CRA Condo Audit Project

December 17, 2012 - Updated: December 17, 2012

Canada Revenue Agency has undertaken a huge Audit Project in which it is targeting sellers of condo units. CRA is arguing that the profit you are earining from selling your condos is actually business income which is 100% taxable and not capital gains which is only half taxable. The typical target taxpayer has purchased a pre-construction condo with large downpayment, then sold it before moving in as an assignmnet or moved in for a short time and then sell. You should immediately get in touch with your CA firm when you or somebody you know has received a condo questionnaire from CRA.


Tagged with: condo
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