News and Media

CRA plans ‘lifestyle audits’ in Vancouver as part of real estate probe

18th July 2016

An investigation by Canada Revenue Agency into Metro Vancouver’s soaring real estate market is expected to bring under scrutiny people whose lavish lifestyles and expensive homes don’t appear to be in line with their incomes.

The CRA’s plan, described in a briefing document leaked to The Globe and Mail, indicates that one key area of investigation will be “lifestyle audits.”

Christine Duhaime, a Vancouver lawyer who specializes in financial crime and anti-money laundering law, said that means the CRA is going to take a close look at individuals who seem to be living far beyond their means.

 

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CRA Tax Audit Of Building Contractor Unreported Income

26th October 2016

The building sector is one of three sectors, the other two being restaurants and retail sales, that CRA has said it is targeting as part of its announced crackdown on unreported income and the underground economy. CRA has taken some innovative tax audit approaches to detecting building contractors with unreported income as part of the CRA focus on the cash economy that has been a CRA priority for several years. The building construction industry has been identified as being of particular concern for unreported income.

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CRA nets $240M from probe of real estate tax cheats in B.C.

21st October 2016

The Canada Revenue Agency says it has recovered more than $240 million from audits related to probes of tax cheating on real estate in British Columbia and Ontario.

According to figures published on the CRA's website, the bulk of the money comes from probes in Ontario, where the federal department has recovered $210.4 million through more the 13,400 audits conducted between April 2015 and September 2016.

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AI partnering with CPA Manitoba

14th October 2016

Associate Director, Sharon Smith (right) introduced our Tax Man to CPA Manitoba team members at the Beyond The Perimeter conference which was held on 13th-14th October in Brandon, Canada.

 

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