B.C. Man Fined $2M for Tax Evasion After Flipping 14 Homes in Four Years

B.C. Property Flipper Fined $2M for Tax Evasion After Failing to Report $7.5M in Income

A serial property flipper in Richmond, British Columbia, has been convicted of tax evasion and fined over $2 million for failing to declare nearly $7.5 million in earnings.

The Canada Revenue Agency (CRA) announced that Balkar Bhullar was sentenced on December 19 to a conditional term of two years less a day and ordered to pay $2.15 million, equivalent to the unpaid federal income taxes. Bhullar had pleaded guilty on August 3 to one count of tax evasion related to income from assignment fees on 14 property transactions between 2011 and 2014.

Assignment fees refer to payments for the right to purchase a property, allowing a contract’s rights and obligations to be transferred from one buyer to another.

The CRA noted that it has made “significant progress” in tackling tax evasion in the real estate sector.

Starting January 1, a new home-flipping tax will take effect in B.C., imposing up to a 20% tax on profits from properties sold within two years of purchase. The Ministry of Finance estimates that approximately 4,000 properties will be subject to the tax in 2025, with all revenue directed toward housing programs.

B.C.’s Finance Minister Brenda Bailey stated that the tax aims to curb speculative investments, create more affordable housing, and discourage quick-profit resales. However, the B.C. Real Estate Association has criticized the measure, warning it could deter sellers from listing properties, reduce housing supply, and tighten market conditions further.