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Canada Revenue Agency real estate audit penalties in B.C. reach $200,000 mark

Selling Canadian real property? Canada Revenue Agency is increasing audit focus on nonresidents selling Canadian real property. We can assist you. Andersen Tax LLP partner Steven Flynn was quoted in a recent news article on the Q1 results of Canada Revenue Agency’s audit program designed to identify and penalize egregious instances of tax avoidance and […]

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Steven Flynn comments on BC’s new speculation and vacancy tax and the impact on foreign nationals who own Canadian real estate

February 26, 2019

Canada Revenue Agency (CRA) is poised to receive significant data from the BC government that will help tie home ownership to income declarations. While BC’s speculation and vacancy tax is a measure to address the housing crisis in major urban centers in BC, it can also have an impact on “satellite” families who declare very […]

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British Columbia Speculation and Vacancy Tax

January 28, 2019

Owners of BC residential property need to be aware of the new 2018 British Columbia Speculation and Vacancy Tax affects and how to apply for exemptions. To prevent housing speculation in British Columbia and help turn vacant homes into rentals in its overheated market, the BC provincial government recently implemented the BC Speculation and Vacancy […]

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US Federal Income Tax – Gains on Sale of your Home Part 1

December 14, 2012

Generally, Canadians living in Canada are not subject to tax on gains from the sale of their principal residence. However, for a Canadian resident who is also a U.S. citizen or resident (including permanent resident or “green-card” holder and those meeting the “substantial presence” test), the same capital gain may be taxable on his or […]

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