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PK loving SUBBAN posted:Casual reminder that the CRA spent most of the last administration investigating environmental and social justice charities instead of real estate. Investigated for being perceived to be partisan and a NPO, clearly the crime of the century.
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# ? Sep 13, 2016 00:48 |
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# ? Jun 6, 2024 13:30 |
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Two days after being embarassed by the Globe and Mail the CRA launches a review of BC Real Estate speculatorsquote:
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# ? Sep 13, 2016 05:14 |
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Femtosecond posted:Two days after being embarassed by the Globe and Mail the CRA launches a review of BC Real Estate speculators Hopefully they're still on that enforcement train when my shithead co-worker decides to cash in his inherited millions in real estate. He's been loudly spouting off about his plans to have his mailing address changed to his other properties for whatever amount of time it takes to classify it as a primary residence before selling it. No plan to actually live in said properties. Openly bragging about his tax evasion plans. While bitching about how his tax dollars get spent. Did I mention we work for the federal government? Parksvilleboomer9thgradedropout.txt
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# ? Sep 13, 2016 06:20 |
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After ignoring the issue for years and even having that specific instance reported to them multiple times, its reassuring to know that the CRA is now on the case quote:Hopefully they're still on that enforcement train when my shithead co-worker decides to cash in his inherited millions in real estate. He's been loudly spouting off about his plans to have his mailing address changed to his other properties for whatever amount of time it takes to classify it as a primary residence before selling it. No plan to actually live in said properties. Openly bragging about his tax evasion plans. While bitching about how his tax dollars get spent. Did I mention we work for the federal government? The CRA does have an anonymous reporting system for people like this but given their past performance, I'm not sure much would actually be done. If nothing else it might make you feel a bit better.
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# ? Sep 13, 2016 16:28 |
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http://www.theglobeandmail.com/glob...rticle31838268/quote:More than 700,000 Canadian borrowers could be facing payment shock on their debt obligations if interest rates rise by a quarter point, and that rises to as many as one million people should rates go up by 1 per cent, says a study by credit monitoring firm TransUnion.
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# ? Sep 13, 2016 16:30 |
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When there's been a deliberate attempt to commit fraud like that does the CRA kick things into high gear or do they attempt to set up a payment plan for back taxes?
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# ? Sep 13, 2016 16:33 |
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yippee cahier posted:When there's been a deliberate attempt to commit fraud like that does the CRA kick things into high gear or do they attempt to set up a payment plan for back taxes? Ahahahahahahahahahaha aahahaha ahahaha They do nothing
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# ? Sep 13, 2016 16:34 |
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jm20 posted:Ahahahahahahahahahaha aahahaha Even this case where the minister has said there will be action. Any further questions will be answered that there is an on-going investigation. In three years, the G&M will copy and paste that article and it will still be true.
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# ? Sep 13, 2016 16:48 |
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B33rChiller posted:Hopefully they're still on that enforcement train when my shithead co-worker decides to cash in his inherited millions in real estate. He's been loudly spouting off about his plans to have his mailing address changed to his other properties for whatever amount of time it takes to classify it as a primary residence before selling it. No plan to actually live in said properties. Openly bragging about his tax evasion plans. While bitching about how his tax dollars get spent. Did I mention we work for the federal government? Some of these minor fixes would halt these shenanigans. It's really disturbing things are this lax. quote:The principal-residence exemption is a fixable piece of the housing puzzle
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# ? Sep 13, 2016 16:56 |
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I'm selling my house and moving to small town Manitoba, gently caress yall.
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# ? Sep 13, 2016 17:01 |
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When the IRS started requiring people to list the Social Security numbers of their claimed dependent children on their tax returns, 7,000,000 dependents disappeared.
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# ? Sep 13, 2016 17:02 |
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B33rChiller posted:Hopefully they're still on that enforcement train when my shithead co-worker decides to cash in his inherited millions in real estate. He's been loudly spouting off about his plans to have his mailing address changed to his other properties for whatever amount of time it takes to classify it as a primary residence before selling it. No plan to actually live in said properties. Openly bragging about his tax evasion plans. While bitching about how his tax dollars get spent. Did I mention we work for the federal government? I don't think it works like that. You don't get to not pay any taxes on a house just because it's a primary residence at the time of sale, you still have to pay the cap gain for the period when it wasn't a primary residence. You can't rent a house out for 40 years and then live in it for year 41 and then sell it and not pay any taxes at all.
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# ? Sep 13, 2016 17:08 |
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Throatwarbler posted:I don't think it works like that. You don't get to not pay any taxes on a house just because it's a primary residence at the time of sale, you still have to pay the cap gain for the period when it wasn't a primary residence. You can't rent a house out for 40 years and then live in it for year 41 and then sell it and not pay any taxes at all. I think you will find when you are a Canadian tax evader, you can in fact not pay any tax on your properties.
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# ? Sep 13, 2016 17:18 |
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yippee cahier posted:When there's been a deliberate attempt to commit fraud like that does the CRA kick things into high gear or do they attempt to set up a payment plan for back taxes? They don't really do anything, their mandate is to get money and its white collar crime so no one gives a poo poo in Canada. They publish a few cases on their website and make a half-hearted effort to prosecute stuff that gets attention but that's about it. Unlike the IRS who has an entire division staffed with lawyers dedicated to enforcement and deterrence, the CRA basically just wants their cash and is always willing to cut a deal. I remember a guy around here a few years ago who was filing returns for people with a lot of bullshit claims on them. Claiming massive losses on personal businesses every year, inventing donations and loads of other mickey mouse poo poo. The CRA did some audits and eventually figured things out. You would think they would get really mad about this, its their wheel house after all. The kicker is that the guy himself didn't declare any of his tax prep income which was something like 800k. The result was he got a year of house arrest and had to pay some money/penalties. A year of house arrest for multiple counts of fraud over $5000 and failure to report income. Sadly that sort of result is the norm in my experience.
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# ? Sep 13, 2016 17:18 |
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Shut it down; outsource the whole thing to the IRS. They seem to get poo poo done.
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# ? Sep 13, 2016 17:20 |
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Throatwarbler posted:I don't think it works like that. You don't get to not pay any taxes on a house just because it's a primary residence at the time of sale, you still have to pay the cap gain for the period when it wasn't a primary residence. You can't rent a house out for 40 years and then live in it for year 41 and then sell it and not pay any taxes at all. I would never imply that the guy in question is smart, or well informed. He's a walking grumpy old redneck stereotype, with all the FYGM/bootstraps/git 'er done/ignorance that implies. I'll have to bite my tongue and wait for him to actually do something before reporting. My suggestion that he consider himself lucky, and just pay his loving taxes, considering that's where his paycheque comes from, earned me the stinkeye from the majority of the people in the room.
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# ? Sep 13, 2016 17:33 |
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Lexicon posted:Shut it down; outsource the whole thing to the IRS. They seem to get poo poo done. Haha, nope. The Republicans in congress have been reducing funding to the IRS for years, despite the IRS's enforcement arm being one of the best moneymakers the US government has. quote:As a result of cuts, the IRS is conducting fewer audits overall and fewer audits of high-income taxpayers and businesses. In 2010, it audited 1.1 percent of individual returns; in 2015, it audited only 0.8 percent, the lowest level in a decade.[19] The IRS audited 1.2 million taxpayers in 2015 — 13,700 fewer than in 2014 and over 350,000 below 2010.[20] This represents a 22 percent drop. Audits recovered about 30 percent ($30 billion) less in revenue in the past five years than in the prior five years. RealityWarCriminal fucked around with this message at 19:54 on Sep 13, 2016 |
# ? Sep 13, 2016 19:52 |
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dicks assassin posted:Haha, nope. The Republicans in congress have been reducing funding to the IRS for years, BECAUSE the IRS's enforcement arm is one of the best moneymakers the US government has. Ftfy
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# ? Sep 13, 2016 20:02 |
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Good news everyone, the soft landing is here: http://business.financialpost.com/p...0-national-bank quote:Vancouver’s housing market may enter a correction with price declines of at least 10 per cent, according to Stefane Marion, Montreal-based chief economist and strategist at National Bank of Canada. Thank goodness for all that strong job growth. quote:Data show the economy struggling to gain direction amid a raft of contradictory signals. While job creation rebounded in August after a slump in July, a slide in hours worked and a rise in the unemployment rate suggest labour-market slack is building. While the economy grew at the fastest pace in three years in June, and exports surged in July, the Bank of Canada said last week that risks to inflation and growth were tilted to the downside. Hmm, getting mixed signals about all this strong job growth here.
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# ? Sep 13, 2016 21:17 |
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dicks assassin posted:Haha, nope. The Republicans in congress have been reducing funding to the IRS for years, despite the IRS's enforcement arm being one of the best moneymakers the US government has. Ahahaha
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# ? Sep 13, 2016 23:15 |
A very busy gourmet pizza place near me (Il Castelo) has a notice saying they're gonna start closing on Sundays and Mondays due to "lack of skilled labour" in Vancouver. This is near the seabus too. Meanwhile Alberta announces $15 min wage by 2018...
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# ? Sep 14, 2016 05:47 |
UnfortunateSexFart posted:A very busy gourmet pizza place near me (Il Castelo) has a notice saying they're gonna start closing on Sundays and Mondays due to "lack of skilled labour" in Vancouver. This is near the seabus too. This is only going to get worse until housing becomes affordable. You can't walk past a single shop in the village here now that's not looking to hire people, and a few had to close down some days over the super busy summer. Vancouver's just so much bigger that it's taking longer for it to happen there, but believe me, it's not pretty when it does. On busy weeks here (which is probably pretty much equivalent to a normal day in downtown Vancouver) people have to wait up to 2 hours to get a table at a restaurant now.
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# ? Sep 14, 2016 06:26 |
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HookShot posted:This is only going to get worse until housing becomes affordable. You can't walk past a single shop in the village here now that's not looking to hire people, and a few had to close down some days over the super busy summer. Vancouver's just so much bigger that it's taking longer for it to happen there, but believe me, it's not pretty when it does. On busy weeks here (which is probably pretty much equivalent to a normal day in downtown Vancouver) people have to wait up to 2 hours to get a table at a restaurant now. I'm seeing similar in west Los Angeles where a lot of restaurants and smaller shops have help wanted sign but can't/won't pay enough to live in the area. Maybe we can pack people into Mar Vista or something, a good slum would turn this place right around!
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# ? Sep 14, 2016 06:30 |
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One giant favela on the Concord Pacific land by Main Street station. Minimum wage serfs and needle junkies sharing the most beautiful place on earth, together!
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# ? Sep 14, 2016 06:53 |
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Los Angeles is a slum though.
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# ? Sep 14, 2016 06:59 |
HookShot posted:This is only going to get worse until housing becomes affordable. You can't walk past a single shop in the village here now that's not looking to hire people, and a few had to close down some days over the super busy summer. Vancouver's just so much bigger that it's taking longer for it to happen there, but believe me, it's not pretty when it does. On busy weeks here (which is probably pretty much equivalent to a normal day in downtown Vancouver) people have to wait up to 2 hours to get a table at a restaurant now. Yeah my first thought was "this is like how everyone working in Whistler has to live in Pemberton now." Only for Vancouver it's what now, Chilliwack?
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# ? Sep 14, 2016 07:09 |
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UnfortunateSexFart posted:Yeah my first thought was "this is like how everyone working in Whistler has to live in Pemberton now." Only for Vancouver it's what now, Chilliwack? Hope.
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# ? Sep 14, 2016 15:36 |
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SV is here to make housing affordable to everyone:quote:Most innovations in financial technology have revolved around new modalities — take something we’ve done for decades and just “put it on the internet”. The paper credit card statement begot the web credit card statement, which begot the mobile-app-with-your-statement-in-it. Wow, look at that innovation. http://a16z.com/2016/09/13/point/
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# ? Sep 14, 2016 15:43 |
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Femtosecond posted:Some of these minor fixes would halt these shenanigans. It's really disturbing things are this lax. Why not kill the exemption altogether?
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# ? Sep 14, 2016 15:45 |
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leftist heap posted:SV is here to make housing affordable to everyone: https://en.wikipedia.org/wiki/Shared_appreciation_mortgage
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# ? Sep 14, 2016 16:19 |
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The CoV has mused before about doing this to create affordable homeownership though I think they're now pretty solidly focused on the task of simply creating more purpose built rental and are not worrying about homeownership.
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# ? Sep 14, 2016 16:33 |
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Seems like it has the potential to be a reasonable arrangement if the parameters are fairly set, and you fully understand the rules from the outset (admittedly neither of which are likely true for your typical customer here).
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# ? Sep 14, 2016 17:02 |
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Yes but you see now there's an app for it!!
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# ? Sep 14, 2016 17:34 |
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lmao, I guess the Globe at least figured out that their won't someone think of the poor foreign buyers narrative really wasn't going anywhere: http://www.theglobeandmail.com/real-estate/vancouver/canadian-banks-mortgage-guidelines-favour-foreign-home-buyers/article31869946/ quote:Canadian banks allow foreign clients with no credit history, including students, to qualify for uninsured mortgages without proving the sources of their income – a practice that exempts non-Canadians who have money in the bank from the scrutiny domestic borrowers face when buying a home or an investment property.
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# ? Sep 14, 2016 17:40 |
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I guess CBC has flipped the story now too: http://www.cbc.ca/news/business/fintrac-real-estate-money-laundering-1.3761343 quote:Fintrac finds 'very significant' deficiencies at realtors in money laundering probe Well, at least they were caught, right? I'm sure the punishment will dissuade them from ever doing... quote:If violations are found during an on-site examination, that could lead to fines of up to $100,000 per violation for individuals and up to $500,000 per violation for companies, depending on severity. Oh, well.
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# ? Sep 14, 2016 17:44 |
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These are pretty universally awful, so it sounds like par for the course for SV!
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# ? Sep 14, 2016 17:59 |
Heard on the radio just now that Gregor Robertson is implementing a vacant homes tax in Vancouver.
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# ? Sep 14, 2016 20:14 |
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HookShot posted:Heard on the radio just now that Gregor Robertson is implementing a vacant homes tax in Vancouver. More here, notably: - self-declaration that your home is empty year-round - 'primary' residences are exempt either way - homes awaiting development permits are exempt - tenancy agreements will potentially count sufficiently to get around the tax BRB starting a business to sign non-standard tenancy agreements with any interested parties for $500 a pop
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# ? Sep 14, 2016 20:29 |
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Wow that vacant homes tax should net the city tens of dollars in revenue!
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# ? Sep 14, 2016 20:39 |
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# ? Jun 6, 2024 13:30 |
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PK loving SUBBAN posted:Wow that vacant homes tax should net the city tens of dollars in revenue! Gregor admits as much: quote:"Almost all Vancouver residents will not pay this tax," he said. "It is focused on the empty homes that are being held as businesses or effectively holding properties." and they figure it'll net ~$2 million~ a year for affordable housing, so, uh, maybe they'll be able to afford keeping a slummy SRO open with the proceeds? Woo!
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# ? Sep 14, 2016 20:41 |