It’s Tax Time, Canada! What if I get audited about my real estate transactions in 2019?

Did you know that the CRA has created and significantly funded a new Real Estate Task Force to deter tax non-compliance in the real estate market?

You may get audited this year if you come on to the task force’s radar.  Even if you don’t get audited, don’t forget that if you sold your primary residence in 2019 you need to declare that on your income tax filing.
Click here for an informative article by David H. Benarroch and Nicolas Simard at Fasken TaxEd, and links to the Real Estate audit questionnaire and the CRA Real Estate Task Force mission to collect over a billion dollars in additional taxes from Ontario and British Columbian residents.