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Mortgage Broker News | 26 Mar 2014, 09:33 AM Agree 0
Brokers' condo buying clients need to get their legal paperwork in shape before selling up or they could face the wrath of the taxman.
  • Angela Wong-Liao - Invis Inc | 26 Mar 2014, 12:57 PM Agree 0
    I applaud CRA for being prudent and conduct thorough audit for condo investors as it is tempting for condo investors to flip the new unit before condo registration and closing.
  • Manny Shevitz | 31 Mar 2014, 12:34 PM Agree 0
    Maybe CRA should also look at the money laundering done "renting out" condos (& other vacant real estate). All those closed, but not occupied, condo units make it very easy for the "bad guys" to declare dirty money as "rental income". A condo that may have a real market rent of $1500/month, is left vacant & the launderer declares he is getting $3000./month in rental income. Dirty cash is deposited into the "landlord's/money launderer's" bank account as rental income. Mortgage payments, taxes, condo fees, insurance are tax deductions, launder to your hearts content, sell the unit at a profit & pocket the capital gain( less taxes of course).
    Isn't this a great country?
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