B.C. man fined over $2 million for tax evasion on home flipping profits

A man in British Columbia, Balkar Bhullar, has been fined over $2 million for tax evasion after failing to report nearly $7.5 million in earnings from flipping 14 homes. He received a conditional sentence of two years less a day. Bhullar pleaded guilty to one count of tax evasion related to undeclared income from 2011 to 2014. The Canada Revenue Agency has stated it is making progress in addressing tax evasion in the real estate sector. Starting January 1, a new home flipping tax will be implemented in B.C., imposing a tax of up to 20% on homeowners who sell properties within two years of purchase. The B.C. Real Estate Association has raised concerns about the potential impact on the housing market.