Tuesday, October 10, 2017

CRA Revenue Canada serves Condo Developer for customer list

There it is


Who purchased that Condo and then flipped it?

Developers have records and are now required to hand them over.

And several similar applications are under way, reflecting the federal government's efforts to crack down on potential tax cheating in the presale market.A July 25 Federal Court order requires the developers of the Residences at West, a Vancouver condo project at 1738 Manitoba St., to provide the Canada Revenue Agency (CRA) with documents related to presale flips, also known as assignments, in the building, including proof of payments and correspondence between the developers and people who buy the assignments.That order followed a June 29 application from the federal government.In September, the Minister of National Revenue applied for court orders related to One Pacific, a Concord Pacific project, and Telus Gardens, a downtown project developed by Westbank Corp.Both developers said they would comply with the request for documents."Customer information is protected by privacy laws and is not at the developer's liberty to disclose unless ordered by the Court," Matt Meehan, senior vice-president of planning at Concord Pacific Developments Inc., said in an e-mail.  https://beta.theglobeandmail.com/news/british-columbia/court-orders-developer-to-reveal-condo-flipper-info/article36528239

Where will you make extra money without tax? 
No where

Plan and manage your investments

Call David Pylyp
RE/MAX realty specialists inc.,
647 218 2414

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