CRA GST/HST Assessment on Property Sales? We Can Help
Facing a CRA GST/HST assessment on flipped properties? Capital Tax Law fights for you. Free consultation!
Sold Properties, Now Facing a CRA GST/HST Assessment?
Selling properties can be a successful strategy, but a surprise GST/HST assessment from the Canada Revenue Agency (CRA) can throw a wrench in your plans. At Capital Tax Law, we understand the complexities of property sales and GST/HST implications, especially for those who frequently buy and sell. Don’t navigate this challenge alone!
Why You Might Face a CRA GST/HST Assessment
Frequent Property Transactions
The CRA may scrutinize frequent property sales to determine if your activities constitute a business, making you liable for GST/HST.
Misunderstanding of Inventory Rules
Properties held for resale can be considered inventory, subject to GST/HST on the sale price.
Incorrect Tax Filings
Unintentional errors in your tax filings can trigger a CRA assessment.
What are the Inventory Rules of the CRA?
The distinction between a capital asset (not subject to GST/HST) and inventory (subject to GST/HST) is crucial. Generally, the CRA considers properties you intend to hold for the long term as capital assets. However, if you buy properties with the primary intention of reselling them for a profit in a short timeframe, and this becomes your usual course of business, the CRA may classify them as inventory. This frequency of sales is a key factor the CRA considers.
Capital Tax Law: Your Advocate in Navigating CRA Assessments
Facing a CRA assessment can be stressful, but we can help:
Review Your Assessment
Our tax professionals will meticulously analyze the CRA's assessment and identify any potential errors.
Negotiate with the CRA
We'll represent you in discussions with the CRA, aiming to reduce your tax burden and penalties.
Appeal the Assessment
If necessary, we can guide you through the appeals process to challenge the CRA's decision.
Future Tax Planning
We'll help you structure your future property transactions to minimize the risk of future GST/HST assessments.
Don't Let a CRA Assessment Derail Your Success!
Contact Capital Tax Law today for a free consultation! Our experienced tax lawyers will fight for your rights and help you resolve your GST/HST assessment effectively.
Contact Capital Tax Law Today for a Free Consultation
At Capital Tax Law, we’re committed to helping individuals and businesses navigate the complexities of third-party tax liability. Contact us today to schedule a free consultation and discuss your situation. We’ll work tirelessly to protect your interests and achieve the best possible outcome.