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Vancouver Off-Topic / Current EventsThe off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.
He ain't gonna be wu-ing his way out of this one if chu know what i mean.
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__________________ "There's a lot of dead people who had the right of way." "Never argue with stupid people, they will drag you down to their level and beat you with experience." "I have a lot of beliefs, and I live by none of them. They're just my beliefs, they make me feel good about who I am. But if they get in the way of a thing I want, like I wanna jack off or something, I just do that."
Has anyone renewed their mortgage lately? I got offered 3.04% 5yr fixed, seems a bit high to me
I just signed that rate with RBC the other day for my house, I had to wait until 120 days before my last rate was up to lock that in. It's been going up slowly over the last little bit, maybe I could have got cheaper with a broker but I'm alright with it. When it comes due I'll only be a few years away from being mortgage free, bring on the toys!
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“The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I don´t care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. That´s how winning is done. Now, if you know what you worth, go out and get what you worth.” - Rocky Balboa
LOL she is so stupid. Just simply open a dummy company in Vancouver and purchase the house using the compnay's name. BAM now you can dodge the tax legally and don't have to put another person's name.
LOL she is so stupid. Just simply open a dummy company in Vancouver and purchase the house using the compnay's name. BAM now you can dodge the tax legally and don't have to put another person's name.
I thought the director/officer of the company needs to be Canadian as well?
reads most threads with his pants around his ankles, especially in the Forced Induction forum.
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Quote:
Originally Posted by Jmac
Perfect, admitting to tax fraud. Can we get the 15% and throw her in prison now?
Well if you are dating and it seems the relationship might be serious why not put the person's name to save the tax. What she could have done is if she really want to use his name they could go open a chequing account with both party name and she can put the money in the acccount, go to the lawyer office and made a contract/statement saying she paid 100% for the house and she have 100% decision on it (IE when to sell, what price to sell, who gets to live int here etc etc). So if anything goes sour with the relationship she won't lose her house.
LOL she is so stupid. Just simply open a dummy company in Vancouver and purchase the house using the compnay's name. BAM now you can dodge the tax legally and don't have to put another person's name.
Quote:
Originally Posted by Mr.HappySilp
Well if you are dating and it seems the relationship might be serious why not put the person's name to save the tax. What she could have done is if she really want to use his name they could go open a chequing account with both party name and she can put the money in the acccount, go to the lawyer office and made a contract/statement saying she paid 100% for the house and she have 100% decision on it (IE when to sell, what price to sell, who gets to live int here etc etc). So if anything goes sour with the relationship she won't lose her house.
Those the the exact types of loop holes that further the problem and need to be stopped. Doing whatever it takes and whatever they can to dodge taxes. If she was worried about her house she should've gone about it the proper way instead of thinking she was a genius by snaking around to skip out on a tax. Guess that bit her in the ass pretty hard.
Don't give her the house back and don't give her her money back either. Lesson learned the hard way. Maybe she'll smarten up next time.
I suspect what will happen here is that the defendant will make a plea and the court may rule that the couple were considered common law married due to the fact that they lived together and bought a house together. So the guy is entitled to 50%.
Bottom line, yeah the chick is fucked.
I also wonder how this case would be different if the foreign person was a guy and the local was a girl. I feel like their would be sooo many more issues.
Quote:
Originally Posted by Mr.HappySilp
Well if you are dating and it seems the relationship might be serious why not put the person's name to save the tax. What she could have done is if she really want to use his name they could go open a chequing account with both party name and she can put the money in the acccount, go to the lawyer office and made a contract/statement saying she paid 100% for the house and she have 100% decision on it (IE when to sell, what price to sell, who gets to live int here etc etc). So if anything goes sour with the relationship she won't lose her house.
You don't understand, if she was AT ALL associated with the house, or the money paying for the house, the 15% would have been in effect. An ethical lawyer wouldn't draft a contract to help you dodge taxes. What your saying is still tax fraud.
applying for our HELOC now that we've kind of got finances sorted out etc. Right off the bat we are trying to get the most possble so we dont have to go back to the bank if we were to use it for an investment etc.
Our mortgage broker has been explaining now that on top of the "stress test" which was previously being done, (from my understanding of it) the banks now use essentially an artificial rate (hovering around 5%) to determine your eligibility to get the line, no longer using simply the banks rate to see if you can handle it.
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reads most threads with his pants around his ankles, especially in the Forced Induction forum.
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Quote:
Originally Posted by meme405
I suspect what will happen here is that the defendant will make a plea and the court may rule that the couple were considered common law married due to the fact that they lived together and bought a house together. So the guy is entitled to 50%.
Bottom line, yeah the chick is fucked.
I also wonder how this case would be different if the foreign person was a guy and the local was a girl. I feel like their would be sooo many more issues.
You don't understand, if she was AT ALL associated with the house, or the money paying for the house, the 15% would have been in effect. An ethical lawyer wouldn't draft a contract to help you dodge taxes. What your saying is still tax fraud.
What if a foreign company starts/purchase a local company and then use the local company to purchase the house. Let's say the local company have enough cash flow to purchase 50% of the house and the foreign transfer the rest from the foreign company to the local company. Does the tax apply then only to 50% of the house or 100%.
Also what happens if someone pays the house with say their Alipay or even WeChat payment system? There is no way the system can track where the money is from or say even bitcoin to purchase the house. Those account can be register in any country and it needs to link to a bank account or in bitcoin case a webwallet.
As soon as you're buying a property and transferring title with no paper trail the CRA is going to be all over your ass..
There arent too many scenarios that are going to work in terms of buying properties in cash or even through a shell company, one way or another you're going to have to let the tax man in
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Quote:
Originally Posted by hud 91gt
You realize 3.05% was fixed right? Take that rate and run.
Sorry forgot I also received a 5 year fixed with Investors Group for 2.79. I am investing with this company and this is what my financial consultant was able to do.
one way or another you're going to have to let the tax man in
You are so correct in this. If laundering is going on in BC whether it's real estate, or the casinos, it's because the gov't is allowing it. All the feds need to do is give the word and the CRA will come crashing down so hard it would make a Lambo driving mainlander wish he was bottle feeding a panda in communist red China.
All they need to do is give the word. That said, how many laws can they write that would effectively close all of the little tax loopholes that we use? Would we allow our own xenophobia to fuck ourselves over financially?
Depends on your risk tolerance. Historical variable rates in the long-run have always been lower than fixed.
I think your misunderstanding my comment.
The original post stated he could get a 3.05% 5 yr fixed rate mortgage.
The following post stated they could get a lower percentage in a variable rate. This means nothing as it is apple to oranges. Yes, variable rates in recent history have been lower. So obviously a lower rate could be had if using a variable. 3.05% is a good rate.
As to the other poster getting a 2.79% fixed 5 year through IG, that is an excellent rate, and if you can lock into that for a further 3 months that is amazing. That is an old rate pre rate hikes. I just inquired about this with my stepfather who is with IG. He said it is old, but would look into it.
Realtor suspended, fined for attempted shadow flip of multimillion-dollar home
A Metro Vancouver real estate agent has been fined for shadow-flipping a multimillion dollar home, backdating contracts and advertising properties without the owner's consent.
The Real Estate Council of British Columbia imposed penalties against Xiao Zhong (Jordan) Guo for actions he took while working under New Coast Realty and Royal Pacific Riverside Realty.
Guo was given an $8,000 fine and a 45-day suspension for shadow-flipping and other rule violations, according to a report from the board published earlier this week.
Documents suggested the realtor used his construction company to purchase a home he listed, without disclosing he was the company owner, then relisted before the sales had been finalized.
The home located on Minoru Boulevard in Richmond was purchased by Guo's company for $7.5 million, the agreed statement of facts reads. Though the completion date was June 30, 2015, Guo created a listing contract for the property on April 15, the day the seller accepted the offer and initial deposit.
On the same day, he then made and distributed brochures advertising the property for sale by assignment without the owners' consent, the report said. The listing period was April 15 to May 15, more than a month before the completion date of the original sale, and the list price was $400,000 more than Guo's accepted offer.
Council also wrote about a second home was on Marine Drive in West Vancouver, which was advertised without the seller's written consent. Council documents said he'd been contacted by a woman he believed was a shareholder of the company that had recently purchased the home, and began looking for a new buyer without confirming the woman was an authorized representative.
Tom Davidoff, from the University of British Columbia's Sauder School of Business, said shadow flipping and other issues can be expected in a red-hot real estate market.
"When prices are going bananas, when people are in a panic because they feel they need to buy a property, when they want to sell for top dollar, they're very excited but they don't know what their house is worth," he told CTV News.
"That's when unethical realtors have the opportunity to pull some kind of shenanigans like the ones we see in this case."
Guo's penalties also stem from a second file which claimed he did not disclose he was acting as a limited dual agent for a property he was renting in Burnaby.
The report said Guo represented both buyer and seller in the same transaction when he created an exclusive listing contract and contract of sale on the same day. He backdated the listing contract by three weeks, council wrote.
The buyers and sellers did not sign a "Working with a realtor" brochure or a limited dual agency agreement until after the contracts were created, though they should have been reviewed and signed as soon as Guo began representing them. He said he'd had verbal consent from his landlord to list the property, and that the owner didn't want to enter a listing contract until a buyer was in place.
Among other issues outlined in the council report, Guo prepared a second version of the contract of sale a few weeks after the initial document was signed, which did not show he'd represented both buyer and serller.
He also failed to provide his managing broker with required records for the transaction, violating two sections of the council's real estate rules.
In addition to the fines and suspension, the council ruled Guo must pay for and attend the Real Estate Trading Services Remedial Education Course hosted by the Sauder School. He will also be under enhanced supervision of a managing broker for at least a year after his suspension, which ends Nov. 4.
Because the offences occurred in 2014 and 2015, the largest fine he could have faced was $10,000. New rules that came into effect last September mean similar infractions can now result in fines of up to $250,000 for individual realtors and $500,000 for companies.
__________________ "There's a lot of dead people who had the right of way." "Never argue with stupid people, they will drag you down to their level and beat you with experience." "I have a lot of beliefs, and I live by none of them. They're just my beliefs, they make me feel good about who I am. But if they get in the way of a thing I want, like I wanna jack off or something, I just do that."
Fine him up his ass and revoke his RE license and ban him from taking part in any sales for 10+ years.
At 8k there's no point in even having a fine. They'll laugh it off. For the amount of times they'll succeed and skip around it without getting caught they can easily afford the 8k and take their 45 day suspension. Hit them where it hurts. Make them get a job where they'll have to actually work for their money in an honest way.
I want to see a house go for sale auction style. Give everyone a chance to do a walk through and read up on the place then auction it off in 10k increments
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