07 October 2017 0 Comments Posted By : Darryl Greer

Canada Revenue Agency targets more Vancouver pre-sale condo contracts

The Canada Revenue Agency (CRA) is taking more developers to court for information identifying pre-sale condo buyers who assigned their purchase contracts before completion. The move comes after the CRA successfully obtained court orders in July against the companies behind Marine Gateway and the Residences at West.

The latest federal court applications take aim at pre-sale buyers of units in Westbank’s Telus Garden development on Richards Street and Concord Pacific’s One Pacific building on Smithe. The applications come on the heels of the federal minister of national revenue getting court orders to compel the release of information from PCI Developments and the Executive Group this summer.

Federal court documents reveal that the CRA’s Business Intelligence and Quality Assurance (BIQA) division has put assignment agreements under a microscope after identifying “a potential area of non-compliance” over failing to declare financial windfalls from flipping units to other buyers before a condo’s construction has been completed.

“BIQA has identified developments in Vancouver, such as Marine Gateway, in respect of which it is likely that assignments have occurred,” the CRA’s Amandeep Sandhu stated in an affidavit.

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