Tax cheats discovered in audits by the Canada Revenue received penalties of $17 million between April 2015 and March 2017.
The fines resulted from CRA audits during that time period which identified $329 million of unreported income, primarily associated with real estate transactions in Vancouver and Toronto.
"For many Canadians, buying a home is one of their proudest moments and represents one of their most important investments,” commented Diane Lebouthillier, Minister of National Revenue. “Our Government has committed to protecting the fairness and integrity of the tax system for all Canadians, notably by cracking down on tax cheating in real estate transactions. This means that, without exception, every taxpayer abides by the same tax laws."
The CRA completed over 21,000 files related to real estate during the two-year period reported and plans to continue enhancing its compliance procedures in the real estate sector.
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