Two Vancouver homes were visited Wednesday by Canadian Revenue Agency (CRA) agents executing search warrants in a tax evasion investigation.
According to the agency, the searches were conducted as part of an ongoing CRA investigation into roughly $3 million in unreported income “in an alleged attempt to evade payment of tax.”
The investigators were searching for evidence in the Vancouver homes related to alleged offences against the Income Tax Act, the Excise Tax Act, and the Criminal Code, the agency said.
The locations of the homes that were searched, and their owners, have not yet been disclosed.
In its statement, the CRA said it has placed “a significant focus” on the Lower Mainland and other urban centres with high numbers of real estate transactions.
“Today’s announcement further demonstrates how this focus is helping combat non-compliance and leveling the playing field for those who pay their taxes,” the agency said.
No charges have been laid in the investigation or in connection to the two properties.
If charges lead to convictions, the CRA said the guilty parties can face up to five years in jail and fines ranging from 50 to 200 per cent of the evaded taxes.
A conviction of tax fraud under the Criminal Code carries a maximum sentence of up to 14 years in jail.
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