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The Federal Government Agency said Tuesday, audit work has substantially increased in the Toronto area on what is called "Assignment Sales " or " Shadow Flipping" in which a condo is purchased from a developer and sold to another buyer before the unit is completed.
CRA spokesman Zoltan Csepregi said in an emailed statement, "The profits from flipping real estate are generally considered to be fully taxable as business income, and the facts of each case determine whether such profits should be reported as business income or as a capital gain"
The Agency said real estate deals in Greater Toronto Area and Vancouver have been the subject of greater scrutiny, including audits.
"New technologies and faster computers are helping us to more effectively access, integrate, and ...