Précis: The taxpayer, a real estate agent, applied for the New Housing Rebate on two properties:
266 Sloss Court, Newmarket, Ontario; Closed – September 2014; Sold March 2015
314-95 North Park Road, Thornhill, Ontario; Closed – May 2014; Sold August 2014
The Court rejected his evidence that he intended to use each house as his primary place of residence and concluded that he was simply flipping the properties to earn profit. His appeal was dismissed. There was no order as to costs since this was an informal procedure appeal.
Kniazev v. R. – TCC: Real estate salesman loses bid for New Housing Rebate for two houses, each sold shortly after closing.READ MORE »