Watch out for real estate investment schemes
The Canada Revenue Agency (CRA) is warning Canadians about getting involved in tax schemes where promoters, including some tax representatives and tax preparers, are claiming that individuals can get a significant tax write-off by investing in real estate through a limited partnership.
What are tax schemes?
Tax schemes are plans and arrangements that attempt to deceive taxpayers by promising to reduce the taxes they owe, for example through large deductions or promises of tax free income. Schemes can also include other creative ways to convince people they could pay less taxes.
Find out how this scheme works and how to identify it by visiting: CRA Warning