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Why is it "bad" when illegal money is brought into Canada?

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  • Sep 28th, 2020 1:22 am
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Oct 6, 2015
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callernamet wrote: actually the question is how are they allowed to bring all that money in Canada? what are the rules and why were they not enforced or were they?
There's no laws against bringing money to Canada. Physical currency or negotiable instruments > $10k must be declared upon entry, and FINTRAC forms filed for international transfers, but nothing illegal as long as properly and duly declared.
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burnt69 wrote: There's no laws against bringing money to Canada. Physical currency or negotiable instruments > $10k must be declared upon entry, and FINTRAC forms filed for international transfers, but nothing illegal as long as properly and duly declared.
So no one should have problem how Chinese students obtained $50 million for their mansions. Case closed. Not illegal no problems.
I dont care about Ethics, morals, rules or laws. I will apologies only when I get caught.
I try not to apologies but sometimes do it. not because its right thing but it benefits me.
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callernamet wrote: So no one should have problem how Chinese students obtained $50 million for their mansions. Case closed. Not illegal no problems.
The instances of such happening can probably be counted on one hand (but are heavily exaggerated in the media). And when the Chinese "rich" bring money to Canada, they also typically get a huge mortgage. So they're really only bringing 20% down and the bank is lending the balance.

For instance, the Huawei executive that's currently being held hostage by the Canadian government, it was a $10M house apparently, with a $6M mortgage on it. Purchased a decade ago. So if you figure there's been a bit of appreciation, the amount of actual "money" she actually put forth to pay for the house was minimal.


Also, China has some really rich people. Occasionally they give their kids some as well. Nothing illegal about that. I'm sure there are some Canadian families that give their kids a few million to go buy a house overseas too. Or if you go to some areas on the west coast of Florida, its mostly Canadians...
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Dec 7, 2009
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Kiraly wrote: You're missing the facts. It's true that most of the money used by Chinese investors buying Canadian investment properties is "clean" money earned through legitimate business. Problem is, wealthy Chinese are jittery about keeping their money in China, because there's a fear that everything could go belly-up at any time and they'll lose it all. So they want to move it out of the country to "safe" overseas investments. But China only allows $50,000/year per person to leave China. So how are all of these investors getting around that? They have ways. And there are a great many people working in Canadian financial institutions who know what strings to pull and how to obscure the slicing up and transfer of millions out of China so the Chinese government doesn't see it. This may not be illegal under Canadian law, but it's definitely illegal under Chinese law.

Your "no evidence of inflows of capital to Canada" is quite laughable.
These people should all be rotting in cells, including Canadian bankers enabling this crap.
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BananaHunter wrote: I agree with a lot of posters. It's not a serious issue in Canada. It's more about people who cry foul when others are richer than themselves.

Rich foreigners buying up property? The group complaining obviously don't own properties. If you are an existing property owner, Canadian or foreign, you would actually be thrilled that the market is hot.
That's the point though. Those who don't already own are having the goalposts moved quicker than they can acquire capital to buy.. and even if they do manage to squeak in 30% dp for a starter home, we are so long overdue for a correction and interest rate increases that it's like rolling the dice. The housing situation for regular Canadians has never been shittier. Glad the speculators are doing well, but really who gives a shit.
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burnt69 wrote: The instances of such happening can probably be counted on one hand (but are heavily exaggerated in the media). And when the Chinese "rich" bring money to Canada, they also typically get a huge mortgage. So they're really only bringing 20% down and the bank is lending the balance.

For instance, the Huawei executive that's currently being held hostage by the Canadian government, it was a $10M house apparently, with a $6M mortgage on it. Purchased a decade ago. So if you figure there's been a bit of appreciation, the amount of actual "money" she actually put forth to pay for the house was minimal.


Also, China has some really rich people. Occasionally they give their kids some as well. Nothing illegal about that. I'm sure there are some Canadian families that give their kids a few million to go buy a house overseas too. Or if you go to some areas on the west coast of Florida, its mostly Canadians...
Trust me I have seen first hand.

"And when the Chinese "rich" bring money to Canada, they also typically get a huge mortgage. So they're really only bringing 20% down and the bank is lending the balance.
" This is my problem with bank. If I send US $2000 to someone in US they asked so many questions. And here they ask no or not many.
What I seen is Canadian government and banks and real estate developers and local municipalities want all this money here. Ignore all origins So economy can grow strong.
Syne wrote: These people should all be rotting in cells, including Canadian bankers enabling this crap.
ding ding ding.
I dont care about Ethics, morals, rules or laws. I will apologies only when I get caught.
I try not to apologies but sometimes do it. not because its right thing but it benefits me.
New Mantra for idiots Just ask RFD before searching answers anywhere.
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Mar 31, 2008
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Illegal money moves in, crowds out locals, and propertys are not paid to develop. such as schools, hospitals.

The money gets concentrated into a few industries and people where often, the money is distributed further out (i.e. Porshe).
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BananaHunter wrote: I agree with a lot of posters. It's not a serious issue in Canada. It's more about people who cry foul when others are richer than themselves.

Rich foreigners buying up property? The group complaining obviously don't own properties. If you are an existing property owner, Canadian or foreign, you would actually be thrilled that the market is hot.
It's crazy how much I wanted to punch you in the face for this post. Seriously.
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Apr 25, 2006
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garmium wrote: I am not understanding the line of logic.

Say Pablo Escobar, the notorious drug lord, wants to bring his ill gotten money into Canada because he wants to buy Canada Goose jackets, Canadian maple syrup, seasons tickets to Raptors/Maple Leafs, real estate, Canadian beef, etc
How is this a bad thing for Canada?


It would be like if someone owned a store, do they really care how each customer got obtained the money? I have never once been asked how I obtained my money when making a purchase...
It's because the bad money is not taxed. Money in the economy is good overall, helps with the demand and GDP.

Then, there is a discussion of ethics on the means they have obtained their money.
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Apr 10, 2017
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apnayloags wrote: There are tons of 3rd world corrupt politicians living in canada, with their families.
All their money has been laundered TO the western world and they make sure they never get caught. Canada knows it but keeps silent cuz money is HERE. All that money that was to be spent on 3rd world poors ends up back here. And you dont see those corrupt people doing ordinary jobs. They live lavish styles here cuz of looted weath from other poor countries. The west gives these people residencies, visas and all facilities too.

No punishment for corruption, but rewards
Was a witness to this when I was in school

Met a town Mayor's (in China) wife in school. My other "common folk" Chinese friend told me with a straight face "I have no clue why she's here studying with us. She is filthy rich back home"

Her and with the other students I went to in school literally had unlimited funds for anything. Some of them were very wasteful, others were keeping a very low profile
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Dec 15, 2017
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I find it funny that the rhetoric conveniently glosses over the canadian that sold their previously worthless property and got rich, and only focuses on the new home buyer that is priced out of the market. Once this money is in Canada, velocity of money means it will usually be spend 7x. So yes this money is enriching our economy to a huge degree.
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Aug 28, 2014
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miningminer wrote: I find it funny that the rhetoric conveniently glosses over the canadian that sold their previously worthless property and got rich, and only focuses on the new home buyer that is priced out of the market. Once this money is in Canada, velocity of money means it will usually be spend 7x. So yes this money is enriching our economy to a huge degree.
Got rich an then did what, became a homeless millionaire? They still have to buy back into this market, the only thing they did is prevent their money from becoming worthless since that's what rising prices essentially boils down to.
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Dec 15, 2017
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nabiul wrote: Got rich an then did what, became a homeless millionaire? They still have to buy back into this market, the only thing they did is prevent their money from becoming worthless since that's what rising prices essentially boils down to.
it boils down to could you live your life somewhere else in the world if I gave you a whole bunch of money? If I offered you 50k to uproot yourself and leave town in a week could you do it? How about 500k? How about 5 million? At some point the person either can adapt and move on, or insist that they grew up in downtown Toronto/Vancouver and are going to grow old and die there.
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Aug 28, 2014
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miningminer wrote: it boils down to could you live your life somewhere else in the world if I gave you a whole bunch of money? If I offered you 50k to uproot yourself and leave town in a week could you do it? How about 500k? How about 5 million? At some point the person either can adapt and move on, or insist that they grew up in downtown Toronto/Vancouver and are going to grow old and die there.
Yeah sounds about right, canadian 'gets rich' by selling worthless home and then moves to asia to be able to enjoy riches while asians buy up more canadian real estate. Very enriching to our economy.

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