Real Estate

Immigration scams, tax evasion and mortgage fraud: Court case reveals Vancouver foreign buyers’ dirty tricks

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  • Jan 17th, 2018 10:19 pm
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Aug 3, 2006
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Immigration scams, tax evasion and mortgage fraud: Court case reveals Vancouver foreign buyers’ dirty tricks

https://thinkpol.ca/2018/01/08/immigrat ... ty-tricks/

Will the BC NDP address this in the budget or just continue to pay lip service? If they take dramatic steps, you could see a big change in real estate environment in BC.
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Feb 9, 2009
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They need the tax money...
[OP]
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Aug 3, 2006
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Sanyo wrote: They need the tax money...
They will get more tax money once they bring in speculation tax, which is an annual 2% rate of the home's assessed value. The question is should this rate be higher and should they also increase the Foreign Buyers Tax (currently 15%). And more importantly close loopholes which allow the avoidance of FBT and capital gains tax.
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Dec 13, 2016
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With all due respect the article talks about 1 person.
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Feb 9, 2009
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datoprookie wrote: They will get more tax money once they bring in speculation tax, which is an annual 2% rate of the home's assessed value. The question is should this rate be higher and should they also increase the Foreign Buyers Tax (currently 15%). And more importantly close loopholes which allow the avoidance of FBT and capital gains tax.
I could see spec tax up to 2% possibly, I dont see FBT going up tho.
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Nov 15, 2004
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Sanyo wrote: They need the tax money...
Because they turn a blind eye to the rampant tax evasion, benefit fraud, and money laundering happening under their noses. This country only goes after easy targets. Anything that requires actual work to resolve gets ignored or permitted.

Just look at the stuff that's going on with Uber and Airbnb, or the ages-old problems of illegal businesses in construction, electrical work, medicine, and so on happening in this country. I've seen myself how a clear case of immigration fraud gets ignored by the system here (rich foreigner paid a dropout girl here $50k to marry her and live as a roommate for a while to clear immigration, then divorced). The problems continue because nobody cares. Everyone here is only out to protect their friends, collect their paycheques, and retire feeling superior to everyone else. There is no vision for where the country should go or drive to enforce the law universally from anyone at any level.
Last edited by Piro21 on Jan 9th, 2018 2:00 pm, edited 1 time in total.
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Mar 15, 2005
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On a related note to this thread and more fuel to the fire that BC has basically become a province for Chinese money laundering in many forms:

https://www.theglobeandmail.com/news/br ... e37536398/
It shows that members of the real estate industry topped the list of occupations for River Rock's top gamblers. A total of 135 individuals working in real estate spent more than $53-million at the casino that year.

Housewives, the sixth-largest group on the list of occupations, placed more than $14-million in bets. Of those housewives betting more than $50,000, 87 per cent of those transactions were flagged as unusual.

There were 36 students who placed $2.3-million worth of bets.

Mr. Eby said the large number of high rollers who list real estate as their occupation jumped out at him, noting that he has asked Mr. German to examine if there is a connection between money laundering and the real estate sector.
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Jun 26, 2005
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The pretending to be in Canada loophole can be easily closed. Just require those status people to report to a police station every 1 or 2 months and use biometric scanners to verify identity. DONE.

that's the lowest hanging fruit to get to stop all this fraud.
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Nov 2, 2013
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rfdrfd wrote: The pretending to be in Canada loophole can be easily closed. Just require those status people to report to a police station every 1 or 2 months and use biometric scanners to verify identity. DONE.

that's the lowest hanging fruit to get to stop all this fraud.
The problem is the additional enforcement cost. Who foots the bill? The taxpayer...

The wealthy locals and government makes a pretty penny from their property taxes. Huge incentive to let it go the way it is. Do enough just to keep votes and make the public believe they're trying to do something.
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I think David Eby's speech published in the Georgia Straight (posted in the Van thread) very much shows the direction the NDP is going to move next month. Should be fun.
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MISSISSAUGA
Just first point from the article
"Indeed, P3 was sophisticated in lying, including scheming to deceive Canadian immigration authorities in 2012 so that he could maintain permanent residency status without spending the necessary days residing in Canada."

Each shabby apartment from first-line Chinese city worth more than a detached in Toronto or Vancouver, that's a top reason many many many rich and proficient Chinese choose to migrate to Canada.
I know many many more locals will feel sour about the fact Chinese are richer than Canadian, and start to make racism comments;
But how could bring-in wealth become so bad, isn't Canada open itself to attract business and worker to fill its age gap?

But seem Canada put every wrong policy in place, the "necessary days residing in Canada" is openly called "PR prison" among immigrant communities.
No-job, no business, all bullshit are cited as top reason that immigrant come here and leave, the ontario minimum wage jump is just one recent example how to make sure start-up business and entry level job are killed.

They could lie to get over "PR prison", or they could just suck up and just stay here relaxing and buying houses one after one, either way Chinese immigrant can choose what they feel best for their interest.
BUT as long as Canada choose to not having business and jobs, business and jobs will have to leave for good. I don't think blaming Chinese can help the Canadian self-inflicted problem.
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[OP]
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Aug 3, 2006
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napoleonbot wrote: Just first point from the article
"Indeed, P3 was sophisticated in lying, including scheming to deceive Canadian immigration authorities in 2012 so that he could maintain permanent residency status without spending the necessary days residing in Canada."

Each shabby apartment from first-line Chinese city worth more than a detached in Toronto or Vancouver, that's a top reason many many many rich and proficient Chinese choose to migrate to Canada.
I know many many more locals will feel sour about the fact Chinese are richer than Canadian, and start to make racism comments;
But how could bring-in wealth become so bad, isn't Canada open itself to attract business and worker to fill its age gap?

But seem Canada put every wrong policy in place, the "necessary days residing in Canada" is openly called "PR prison" among immigrant communities.
No-job, no business, all bullshit are cited as top reason that immigrant come here and leave, the ontario minimum wage jump is just one recent example how to make sure start-up business and entry level job are killed.

They could lie to get over "PR prison", or they could just suck up and just stay here relaxing and buying houses one after one, either way Chinese immigrant can choose what they feel best for their interest.
BUT as long as Canada choose to not having business and jobs, business and jobs will have to leave for good. I don't think blaming Chinese can help the Canadian self-inflicted problem.
P1 had his own credibility problems, including asserting to Canadian authorities on his Canadian income tax return a miniscule worldwide income of $97.11. This was an incredible assertion given the fact he owns one of the top ten textile manufacturing and distribution companies based in one of the biggest textile manufacturing centres of China.

How about the tax evasion, is that the fault of the Canada as well?
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If these people dont end up in jail and with massive fines from CRA, etc, it is more proof the government is totally fine with allowing this blatant criminal activity
by Chinese scam artists ..... this is a major tipping point or just another under the rug move by the government and Trudeaus china loving clowns running this country

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