CRA to search U.S. real estate transactions for Canadians hiding income
Source: Toronto Sun
The CRA is looking for records on Canadian property transactions in the U.S. including municipal addresses, names of owners, square footage, sales histories and property tax assessments, according to Blacklock’s Reporter.
It will look into sales starting in 2014. “The agency requires U.S. real estate and real property data where a Canadian resident is the owner or party to the purchase, sale or transfer,” wrote staff.
Back in 2016, the CRA had ordered all homeowners to report the sale of a primary residence, even though proceeds are not taxable. The penalty for not doing so was a fine of up to $8,000. It was meant to track the taxable sale of non-residences like vacation homes or investment properties.