British Columbia tax evader fined $2 million

 

A British Columbia man has been fined $2 million for a series of tax evasion cases. Richmond resident Balkar Bhullar was fined for failing to report nearly $7.5 million in income. The Canada Revenue Agency found that he had evaded taxes related to 14 properties.

On December 19, he was sentenced to a minimum of two years in prison. He bought and sold 14 properties from 2011 to 2014. The Revenue Agency said that Bhullar made an illegal income of about $7.49 million through this. Bhullar pleaded guilty to the case on August 3 last year. The CRA also announced in a statement that significant progress has been made in detecting and solving tax fraud in the real estate sector. The new law, which aims to curb illegal profits by buying and selling homes in a short period of time, will come into effect on January 1. Accordingly, if you buy a house and sell it within two years, you will have to pay a 20 percent tax.