CRA REAL ESTATE QUESTIONAIRRE’S: A POTENTIAL TAX TRAP
The Canada Revenue Agency (“CRA”) has been mailing out a questionnaire seeking information on all real estate properties owned by taxpayers in the last seven years. We have received many phone calls from taxpayers who have received this questionnaire. The worst calls are from those who have already submitted a completed questionnaire and are now being reassessed for huge sums of money based on the information they themselves provided to CRA. This situation could have likely been avoided.
These questionnaires are designed to get information for taxing purposes only. They do not allow for submissions on the law of real estate taxation or statute barred rights. We have been assisting many clients with completing the real estate questionnaires and ensuring maximum utilization of the preferable tax treatment of real estate when necessary. We ensure our clients are not being taken advantage of by the CRA and have their rights heard. If you have received one of these questionnaires please consult us before sending it in by calling us at 416-493-0444 or e-mailing our Audit and Appeals Department at email@example.com. We can help.