CRA To Make Special Note of Toronto Condo Owners For Profiting From Sale of PropertiesToronto Skyscraper Blog Recommends These Sites:
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The Canada Customs and Revenue Agency is making a special note of Toronto residents whom make a business out of buying and selling real estate and not fully disclosing their profits. As Finance Minister has stated his intention of cooling the Toronto Real Estate Market by all means necessary including raising the mortgage rates the banks charge, changing amortization rules, and now using the Tax Code to penalize property owners in Toronto to assist in the lowering of prices in the Toronto Condo and Real Estate Market. For all the work he has put into trying to stop the Condo Construction madness, none of which seems to be working at the moment. Re-drafting the rules to penalize Toronto residents seems to be the only way to slow down the construction process in Toronto.
The artcle linked here will give you some background on the gameplan of the Federal Minister and the Canada Customs and Revenue Agency.
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I'm sorry but he's not 're-drafting' the rules, just enforcing existing rules. Why should condo flippers be exempt from paying their fair share of taxes?
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