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Increased federal oversight of condo flipping called ‘grossly overdue’

Monday, October 30, 2017 @ 11:23 AM | By Ian Burns

The Canada Revenue Agency (CRA) is looking into nearly 3,000 condominium transactions in the Toronto and Vancouver areas for possible instances of tax evasion, and a prominent tax lawyer is saying increased federal monitoring of so-called assignment sales is “grossly overdue.”

Audrey Loeb, Shibley Righton LLPAssignment sales are a form of condo flipping that the Ontario Real Estate Association (OREA) defines as a sales transaction where the original buyer of a property (the assignor) allows another buyer (the assignee) to take over the buyer’s rights and...