In the case of Randhawa, 2014 Carswell Alta 1291 (Alta. Prov. Ct), the taxpayer did not report gains on sales of agricultural land because he bought replacement land and thought the replacement property deferral applied. He was convicted of tax evasion, as he had not sought professional advice and mistake of law is not a defence. If you plan to take advantage of the replacement property rules not to report a capital gain make sure that you have professional Canadian income tax lawyer advice.
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