If you want to keep your real estate assets, you better think twice about dodging your taxes. The Canadian Revenue Agency (CRA) recently started freezing assets of tax evaders – and yes, that includes property.
According to CBC News, CRA has used proceeds-of-crime provisions under the Criminal Code to seize the rental properties of a tax-evading couple in Ottawa. The couple are accused of under-reporting their income between January 2008 and December 2013.
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“The schemes included appropriating funds from multiple corporations under their control for personal purposes, appropriating corporate rental income and manipulation of supplier invoices,” CRA told CBC News.
This is the first time that CRA has used proceeds-of-crime provisions on tax evaders. The provisions are normally applied on terrorist financing or money laundering.
However, you can be sure that CRA are more than willing to use the provisions on tax evaders again.
“That is a tool that we have not used in the past,” Stéphane Bonin of CRA’s criminal investigations division told CBC News.
“I can say that this is indeed the first time, but I can promise you that this is not the last time that we [will use] those provisions of the Criminal Code to restrain or seize assets that tax evaders have acquired through their illegal behaviours.”
Duffie is an award-winning writer and managing editor of Key Media’s Manila editorial team.
Originally a visual arts journalist, he has covered important international art events – including the biennales of Venice and Singapore and Art Basel – for various regional and global publications. He now contributes to Key Media’s diverse stable of business titles across different markets, including Mortgage Professional, Insurance Business, and The Educator.
As part of its response to Canada’s ongoing housing challenges, the federal government has added another 12 new properties to the Canada Public Land Bank,...
As part of its response to Canada’s ongoing housing challenges, the federal government has added another 12 new properties to the Canada Public Land Bank,...
