The Canada Revenue Agency (CRA) will dedicate resources to ensuring that the real estate sector in the Greater Toronto Area (GTA) complies with the tax laws.
The commitment of CRA resources was one of the outcomes of a meeting between the federal and Ontarian finance ministers and the Toronto Mayor on housing issues in the GTA. Further meetings will be held every quarter.
The CRA will also work with the Province of Ontario to obtain enhanced land registry data to help support tax compliance activities in the GTA. In addition, the Financial Transactions and Report Analysis Centre of Canada will work to ensure compliance with anti-money laundering rules.
The ministers agreed to refrain in the short term from introducing measures for buyers which would impact housing prices by boosting demand.