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Friday Free-for-all!

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131 Comments

It’s the end of the week! Lets do our regular weekend news round up and open topic discussion thread! Here are a few links to kick off the chat:

–BC tops nation in consumer debt
–BC deficit triples with HST rejection
–Big listings, few sales on Vancouvers westside
–More than half of Canadians live paycheque to paycheque
–Cops want racing luxury cars forfeited
–Conference board sees big shift in housing as boomers retire
–Xceed Mortgage posts $1.7 Million loss
–Low rates could spur mortgage change
–Tenants complain of leaky Surrey building
–Investors no longer find Bernanke stimulating?

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

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Harry Dunn

Which I didn't need to mention, as I am sure you all figured it out

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Harry Dunn

Lloyd, Christmas isn’t here yet, don’t get excited. PS, do you like people that vote up on their own comments?

PS, sorry folks, I meant to put my name as Harry.

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Uncle Smith

Lloyd, Christmas isn't here yet, don't get excited. PS, do you like people that vote up on their own comments?

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Loyd Christmas

That day is done with

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Uncle Smith

What about Harry Dunn day?

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Loyd Christmas

No, Loyd day

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Uncle Smith

Christmas?

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Loyd Christmas

Can you guess what my favorite holiday is?

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Loyd Christmas

WTF!? Wft, you're a loser!

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WFT?

@Loyd Christmas:

Wtf? Is too vulgar. That's why I prefer Wft?

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Cam Good

@patriotz:

My understanding is anyone can set up one's own account with land titles…pre pay, then have access to data base to find owners …I heard it was $7 per title, cheaper than from land titles …and I think a private company runs it.

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patriotz

@WFT?:

Keep in mind also that land titles and all information on them are legally public domain and that anyone at all can get a copy electronically.

At the retail level that costs about $20 a search but I would think that CRA has a bulk access agreement. So they can get their computers to reconcile tax and land title information for anyone automatically without any further procedures and at very small marginal cost.

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Devore

@Anonymouse: … exactly.

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Loyd Christmas

Wft? That doesn't make any sense, it's wtf

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Cam Good

I'm f*cked

I guess I have to go back to pizza delivery after I get my head extracted out of my ass.

PS At least it's honest living and secure income.

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Anonymouse

@Devore:

That's pretty much the information you give on your tax return, plus some which is available to the public.

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bubba

@WFT?:

Without getting into debate, you are probably spot -on correct.

As I noted….the brother (works in financial sector..and Asian)of CRA agent stated to me they (CRA) have sophisticated software that can trace/track assets etc. …..and thus target anomalies.

That said, I hope they also nail the Lawyers, Immigration consultants etc. and related pimps that facilitated this BS

Remember..IRS nailed Al Capone…other agencies couldn't.

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WFT?

@Anonymouse: The CRA is authorized to get any information to further the administration and enforcement of the income tax act. That includes your banking information, your trading informaton, forcing your customers and tennants to say how much they pay you, forcing you to disclose how much money you spend every year, what assets you bought. Of course they have the information to generate audit leads. All they have to do is make a list of every Shaughnessey resident reporting under say $40,000. Some of them will be retirees who have owned the home for decades. Some will be recent immigrants evading taxes. From that list, they match up purchases of Shaughnessey mansions to years with meagre reported income. From there, they compel banks to produce all the taxpayers records. They search the home and catalouge assets. They chart the increase… Read more »

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real_professional

Bloomberg: http://www.bloomberg.com/news/2011-09-11/housing-… Australia, where home prices are falling at the fastest rate in more than two years, may have a glut of properties and be set for a U.S.-style crash. …The housing bears say builders and lenders are pushing flawed government data to keep prices afloat in the English-speaking world’s costliest place to buy a home. …“It’s important for the government and banks to keep the myth of a shortage alive,” said Sayce, editor of Melbourne- based online newsletter Money Morning Australia. “Without it, prices drop, and negative equity results in housing repossessions and insolvent banks.” … Banks in Australia have more than A$1 trillion (sounds a lot like Canada) of housing loans outstanding, with the four-biggest lenders accounting for about 87 percent of the total. The Australian Bankers’ Association said it doesn’t have a position on the so-called housing… Read more »

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bubba

# 105 Meth man:

Thanks for the link….but geez…that is a prime example of Chinglish..I need a translator as I laugh at the translation.

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Anonymous

@Noodlevan: ….. and has caused an elevated level of concerns among wealthy immigrants. …..

Uh oh! HAM turns to SCRAM (Sino Canadian Retreats with Asian Money)!

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Devore

@Anonymouse: They know where you live, assessed value, whether you own or rent, and how much income you claim, along with other particulars like age and employment.

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Anonymouse

@WFT?:

"All they need is a tip or internal computer algorithms to generate audit leads."

A tip, sure. But do they actually have the information to permit computer analysis? I doubt it, due to privacy laws.

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bubba

@fixie guy:

Bro…

Nothing better than VCI comrade that has had a seismic epiphany.

15 Mind-Blowing Facts About Wealth And Inequality In America

http://www.businessinsider.com/facts-about-inequa…

OR

22 Statistics That Prove The Middle Class Is Being Systematically Wiped Out Of Existence In America

http://www.businessinsider.com/22-statistics-that…

=======================================================

Not to worry… what happens in U.S stays in U.S. …..right ?!?!

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Frank

How can we broadcast this information about the CRA on other Chinese web-sites. Maybe we should e-mail it to their realtors.

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