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The Canada Revenue Agency must be diligent in cracking down on real estate tax cheats, the BC finance minister says.

In a statement released over the weekend, Mike de Jong responded to a news investigation relating to real estate speculators who pay little or no tax despite being very active in buying and flipping homes valued at many millions of dollars.

“Canada’s finance ministers discussed concerns about tax auditing and potential money laundering in real estate at their June meeting in Vancouver,” Mr de Jong’s statement noted.

He added that British Columbia’s real estate and financial regulators are also interested in the allegations raised in the news story, and that he understands that the CRA is taking steps to pursue those who are not paying the correct tax for real estate transactions.

“Like all taxpayers, I am concerned about allegations that some are not paying their share of taxes. For Canadians to have confidence in the tax system, the CRA must diligently enforce the law. I have and will continue to communicate this expectation to Finance Minister Morneau and the federal government,” Mr de Jong concluded.

Source: http://www.repmag.ca/market-update/crack-down-on-real-estate-tax-cheats-bc-minister-urges-cra-213597.aspx

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