Newspaper article The Canadian Press

Ontario, B.C. Mull Pre-Construction Condo Sales Registry amid CRA Crackdown

Newspaper article The Canadian Press

Ontario, B.C. Mull Pre-Construction Condo Sales Registry amid CRA Crackdown

Article excerpt

Provinces mull pre-construction condo sales registry

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VANCOUVER - Ontario and B.C.'s finance ministers say they are open to the idea of a registry of pre-construction condominium sales as the Canada Revenue Agency ramps up efforts to find tax evaders who earn money flipping condos still being built.

Ontario Finance Minister Charles Sousa says the government wants the CRA to enforce disclosure of so-called assignment sales or shadow flipping, where a buyer purchases a condo from a developer and sells it to another buyer before it is completed, to prevent tax avoidance of any capital gains.

His B.C. counterpart, Carole James, says the province has made some changes to allow for better sharing of information with the federal government, and is looking into ways it can assist the federal government in their investigation and audits. …

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