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CRA is Cracking Down on Condo Flipping

Recent news reports show that Canada Revenue Agency (CRA) is cracking down on condo flipping in Toronto. It turns out that Canada Revenue Agency is reviewing a few thousand purchase/sale transactions that may potentially involve pre-construction condo flipping.  CRA is determining whether specific formal audits are required in order to uncover tax evaders. Essentially, CRA […]

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Understanding the SR&ED Tax Incentive Program

For those who are unfamiliar, Canada’s SR&ED Tax Incentive Program was created to encourage research and development. Also known as Scientific Research and Experimental Development, the program offers valuable tax credits to qualifying businesses. The SR&ED Program is federally governed, with tax incentives that are designed to encourage all types of Canadian businesses (in all sectors) to […]

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How to Claim the GST/HST New Housing Rebate

In Ontario, it’s possible to claim the GST/HST new housing rebate when purchasing a new home or condominium from a builder. This new housing rebate is also available when hiring a builder to construct a new home. Like many government-supported incentives, the new housing rebate can get confusing and complicated when trying to accommodate all […]

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Condo Flippers Must be Vigilant With Their Real Estate Transactions

Condo flippers should understand what defines a real estate flip Be aware “condo flippers” if you’re planning to sell a condo that you’ve recently bought as an investment, be aware that CRA is watching carefully – especially if you’ve never moved in. Indeed, CRA has become ever more watchful when it comes to reporting capital […]

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