Vancouver Condo Real Estate Video Blog #166 - October 23, 2008
The Canada Revenue Agency is looking for you
Ian Watt video blogs about how the Canada Revenue Agency is looking for the original purchasers and flippers in Vancouver presales. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real estate Video Blogs.
Ian Watt: Hi good afternoon! It’s Ian Watt in Downtown Vancouver. If you have been trading any assignments in the last few years. You might wanna go back in declare some of your income. A lot of people who are selling assignments before never declare that income, that profit on their personal tax records. Well we just found out that Canada revenue agency is now contacting developers to find out if people were paying their taxes and who is buying the assignment and who's trading the assignments. They're calling the developers and of course the developers are not gonna cover all your capital case problems. So if you were selling any assignments in the last few years and haven't disclose it to the government. It might be a god idea to do it now before you get audited and get nailed. My name is Ian Watt. You can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!