Another house in the Vancouver suburb of Burnaby was built in 2015 and sold by Parm Grewal for $1.65-million in September, 2015. The MLS listing said the house was new and vacant. The property even had a new address, which was issued as part of the building permit, with two eights in it a marketing move meant to attract Chinese buyers, some of whom consider that number lucky and are willing to pay a premium for properties with eights in the address. Agent Parm Grewal of RE/MAX also advertised the home with no GST. The tax owing by the buyer would have been $82,900. According to public documents, the final sale price registered with the province was the same as the advertised price on MLS, an indicator the GST was not included in the sale price. (GST is typically not included in the final purchase price registered with the province when it was paid over and above the sale price.) It is unclear if the GST was paid in the end. Parm Grewal did not respond to multiple requests for comment from The Globe. The CRA said it is auditing cases of possible GST evasion on new-home sales Since April, the CRA said, 41 people have been audited on speculative Vancouver real estate transactions. Theyve been ordered to pay $1-million in extra taxes, plus another $750,000, in 13 cases of gross negligence. In February, the agency told The Globe it was investigating another 128 cases. The Real Estate Council of B.C. advises its members to refer clients to accountants or lawyers for GST and capital-gains determinations, because agents are not tax experts.
Parm Grewal - RE/MAX Central is a Canadian Real Estate Agency based in Burnaby, British Columbia. Parm Grewal - RE/MAX Central is located at 1-, 5050 Kingsway, Burnaby, BC V5H 4C2, Canada.
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