In a landmark case for real estate in British Columbia, a Richmond-based property flipper has been convicted of tax evasion. The Canada Revenue Agency (CRA) reports that Balkar Bhullar failed to report nearly $7.5 million in earnings from 14 property transactions between 2011 and 2014. On December 19, Bhullar received a conditional sentence of two years less a day and was fined approximately $2.15 million, equivalent to his unpaid federal income tax.
This case highlights the importance of transparency in real estate transactions and the CRA's commitment to cracking down on tax evasion in the housing market. For investors and homebuyers in Greater Vancouver, it’s a reminder of the legal and ethical responsibilities tied to property dealings.
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