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Blogs posted during October 2017

Preparing Yourself for a CRA Tax Audit

What Can You Do to Prepare for a CRA Tax Audit? The words “CRA Tax Audit” send shivers down many people’s spines. And, in most cases, there’s good reason. CRA audits are often intrusive, time-consuming, confusing and, depending on the outcome of the audit, costly. Individuals can be selected at…

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The CRA Cracks Down on Presale Condo Flips in Toronto and Vancouver

condo flipping

Pre-construction Condo Flips Being Investigated as Part of a Crackdown on Tax Evasion The Canada Revenue Agency (CRA) is currently analyzing thousands of preconstruction condo sales in Toronto and is requiring condo developers in Vancouver to provide information about buyers who sold units before buildings were completed. This is part of…

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Taxes and Real Estate Investment in Canada

What Real Estate Investors Need to Know About Taxes Real estate can be a very good investment and it’s one that many Canadians choose. Not only can a person earn money by renting out their properties, but real estate tends to appreciate over time, leaving you with a good long-term…

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Canada’s New Residential Rental Property Rebate: What You Should Know

Claiming the New Residential Rental Property Rebate in Canada When a person purchases a new residential rental property in Canada, you have to pay Goods and Services Tax (GST) or Harmonized Sales Tax (GST) on the sale. However, there is a rebate available to landlords who purchase a new residential…

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Outlining Upcoming Changes to the CRA Voluntary Disclosure Program

Changes Coming to the CRA Voluntary Disclosure Program The Canada Revenue Agency (CRA) is making changes to the Voluntary Disclosure Program (VDP). The changes are designed to tighten the program to ensure that “those who break the law face the consequences of their actions,” in the words of the federal…

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