Quote:
Originally Posted by Timpo
'Secret Tax Crackdown' Coming To B.C. Real Estate: Report
The Huffington Post Canada | By Daniel Tencer
Posted: 07/14/2016 1:45 pm EDT Updated: 07/14/2016 1:59 pm EDT
'Secret Tax Crackdown' Coming To B.C. Real Estate: Report
The Canada Revenue Agency (CRA) is planning a crackdown on real estate-related tax cheating in Vancouver, according to a report in a Hong Kong newspaper.
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They should've done that a long time ago.
Tho I wonder, how does CRA confirm if the immigrant are using money they had before they immigrated to Canada to buy the properties (100% not taxable), or they are continuing to earn foreign income yet not reporting it? (unless they severed all ties and are non-resident, 100% of their foreign income are still taxable)
I guess when they immigrate to Canada, they have to declare all the details of their assets and net worth?