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Personal Tax Planning

CRA Investigating “Shadow Flipping” of Pre-Construction Condos in Toronto

As real estate values continue to explode in major urban centres across Canada, real estate transactions are becoming subject to increasingly greater scrutiny, including by the government. The Canada Revenue Agency (CRA) is analyzing more than 2,500 real estate transactions involving pre-construction condominiums as the agency attempts to crack down on tax evasion.   What is Shadow Flipping? Shadow flipping occurs when a condo is purchased from a developer and sold to another buyer… Read More