Skip to main content

Featured

Israel Launches Gaza City Offensive Amid Famine and Global Outcry

                                             Displaced Palestinians flee from one area to another in Gaza City on Friday.   The Israeli military has declared Gaza City a “dangerous combat zone” and confirmed it has begun the initial stages of a long-anticipated offensive on the war-ravaged enclave’s largest urban center. The move ends daily humanitarian pauses that had allowed limited aid deliveries, intensifying fears for hundreds of thousands of displaced residents already enduring famine conditions. Military spokesperson Avichay Adraee said forces are operating “with great force” on the city’s outskirts, vowing to dismantle Hamas and secure the release of remaining hostages. Israel also announced the recovery of two hostages’ remains, including Ilan Weiss, killed during the October 7, 2023 Hamas-led attack. The United Nations and aid agencies...
Post a Comment
Read more

article

Labels

Richmond Man Fined $2M for Tax Evasion After Flipping 14 Homes

 

A serial property flipper in British Columbia, Balkar Bhullar, has been fined over $2 million for tax evasion. Bhullar, who flipped 14 homes between 2011 and 2014, failed to report nearly $7.5 million in earnings. The Canada Revenue Agency (CRA) announced that Bhullar was given a conditional sentence of two years less a day on December 19, 2024, and fined $2.15 million, matching the amount of unpaid federal income tax.

Bhullar pleaded guilty to one count of tax evasion on August 3, 2023, relating to undeclared income from assignment fees on the properties. The CRA has been making significant progress in uncovering and addressing tax cheating in the real estate sector. 

In response to such cases, a new home-flipping tax will come into effect in B.C. on January 1, 2025, with a tax of up to 20% applying to homeowners who sell properties within two years of buying. The revenue collected from this tax will go toward housing programs.

B.C.'s Finance Minister Brenda Bailey stated that measures like the home-flipping tax aim to ensure more affordable homes for buyers and renters and discourage speculative investors from buying houses for a quick profit.

The B.C. Real Estate Association has criticized the tax, arguing that it may cause sellers to delay listing their homes, lowering resale housing supply and tightening market conditions.




Labels:

Comments

Post a Comment