On June 25, 2020, the Canada Revenue Agency (CRA) announced that it would be conducting a review of US real estate transactions undertaken by Canadian taxpayers, to identify any non-compliance in reporting the property or transactions. Substantial penalties and interest could result for failure to report such transactions, and the possibility of further prosecution has not been ruled out.
Raphael Barchichat, a partner with PSB BOISJOLI LLP, will be presenting a detailed overview of these new Canadian tax audits for US real estate held by Canadians. In its announcement, the CRA indicated it would conduct a tax audit for the past six years, noting that it is looking for "bulk" real estate data to identify historical records, mortgage transactions, property taxes, real estate records and deeds of sale. It is expected that Revenu Québec will perform similar reviews. In this webinar, Raphael will also remind us of the Canadian and American tax rules with which your clients must comply in order to avoid such penalties.
More specifically, this webinar will cover:
· Details of CRA’s announcement
· Reporting under review
o Reporting of foreign property
o Sales of foreign property
o Rentals of foreign property
· Data being combed by CRA
· Existing tax rules for reporting foreign property and related transactions
This webinar will be of most interest to tax practitioners, accountants and lawyers, practicing independently in small, medium or large sized firms.
Professional Development Credits
Wolters Kluwer Canadian professional development programs are designed to meet the continuing education requirements of a variety of professional associations. These requirements do vary by association and region. Please consult your provincial association to ensure this webinar meets the continuing professional development standards for your specific situation.
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