CRA goes after Reno flips

One way to make money without paying taxes is to live in a home you are renovating to sell so you can claim the principal residence tax exemption. Of course if you do this as a way to make money you are actually operating a business and you owe those taxes anyways, either as capital gains or income taxes.

The CRA is going after people using this loophole to illegally avoid paying taxes and are using third party data to find them. If you are thinking of Reno flips without considering the tax bill, this might not be your best money making strategy.

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Oracle
Guest
Oracle

Is this legal?

People are renting basement suites in Surrey with discounts. Example: a suite maybe rented for $1800 with a $400 discount for the first year and $200 discount for the second year and discount expiring in year 3.

So rents is not going up but discounts being lessened.

bullwhip29
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bullwhip29
and yet another “fiery” crash involving luxury vehicle and reckless driver. let me guess, another erratic, richmond-style no signal high speed formula one manoeuvre, lane change etc. love the subtle touch by the langley times to highlight this vehicle thereby allowing the reader to easily put two and two together without having to come out and say what everyone already knows but is too afraid to blurt out on their own. anyway, you basically cant go anywhere on any given day without this nonsense bringing traffic to a standstill for hours. these are precisely the kind of people that need to be taken off the road for good. for that matter, it is high time all these entitled little $hits strutting around without a care in the world thinking rules don’t apply to me to be rounded up and sent… Read more »
Name
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Name

some people can’t even drive in a straight line…

Shut It Down Already (original)
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Shut It Down Already (original)

“What everybody already knows” is that you’re a racist imbecile.

Screwed
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Screwed

http://business.financialpost.com/personal-finance/taxes/if-you-sell-real-estate-expect-the-taxman-to-take-a-close-look-in-continued-cra-crackdown
n a release last week, the Canada Revenue Agency provided an update on its ongoing project to address “non-compliance in real estate transactions.” The CRA said there continues to be “tax compliance risks in the real estate sector, particularly in the Vancouver and Toronto markets. In response to these risks, the CRA is continuing to take concrete action to crack down on those who fail to follow the law.”

bullwhip29
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bullwhip29

i am still waiting for someone to explain how the 1000’s of professional offshore presale shadowflippers who deliberately used opaque co names or aliases to conceal ownership will be dealt with now that they concluded their business and moved their millions in cash elsewhere? my condolences to all the bagholders….

hello? space, SIDA (original and extra crispy), KTO, McFly, Bueller?…..

Make Vancouver Canadian Again
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Make Vancouver Canadian Again
One of the central points I tried to make yesterday was that the resulting prostitution that Oracle spoke of a while back may very well be an outcome of this real estate bubble. We are seeing hints of that already with craigslist ads. But it is folly to focus on prostitution per se. That is a distraction. The main point I am making (as opposed to Oracle) is that social disorders of all kinds are in the increase and will continue to be on the increase as a result of this real estate bubble. That includes prostitution, but it also includes other crimes, mental illness, family dysfunction and abuse, health problems, the list goes on. This is not a controversial point. It is accepted social science. I don’t know why people are so up in arms and thinking I must… Read more »
bullwhip29
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bullwhip29

Vancouver Airbnb hosts caught using fake licences
https://thinkpol.ca/2018/05/25/vancouver-airbnb-hosts-caught-using-fake-licences/

>>> never saw this coming…lol

Just me
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Just me

“One host was discovered to be a realtor from Sutton West Coast, a major real estate brokerage, who later took down one of two listings after being exposed on Twitter[3]. Another host was discovered to have five listings[4] which are all homes and advertised as “used only for Airbnb.” Other hosts appear to be listing homes that are not their principal residence. For example, one host said “I live close by and available 24/7,”[5] while another host said “only a phone call away but otherwise, I will be approximately 1-hour away.”

Just me
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Just me

“One local, James, who asked to not use his legal name for privacy reasons, believes hosts are abusing the bylaws because the process of applying for a business licence “appears to be solely based on honesty and trust.”

“I think perhaps the ease of filling in the form and clicking through the questions has given hosts a sense of entitlement,” James said. “The process does stress the requirements of the bylaws, but from what we’re seeing by the hosts listing them, they aren’t respecting it or perhaps not even reading it.”

Make Vancouver Canadian Again
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Make Vancouver Canadian Again

Oh and I see my comment is still awaiting moderation from yesterday. What a pathetic blog. Things are heating up with the municipal politics and with comments being clamped down on CBC and across the internet, I thought we might be able to have a good discussion about the candidates. Nope. This blog is not a forum for rational, intelligent, civil discussion. If the blog cannot be improved then it should be shut down.

Make Vancouver Canadian Again
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Make Vancouver Canadian Again

Besides Dave, there hasn’t been much reaction to my comments on the pipeline dispute. Has Oracle been saying that too?

Just me
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Just me

“The CRA is also examining property flipping, which it goes out of its way to point out “is not illegal … Canadians have the right to purchase and sell property for a profit.” But the agency cautions that income resulting from these transactions is considered business income and must be reported as such to the CRA. Failure to do so can result in a reassessment of tax owing, with non-deductible arrears interest to boot. ”

Just me
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Just me

If you sell real estate, expect the taxman to take a close look in continued CRA crackdown
In three years, CRA auditors have reviewed more than 30,000 files and identified nearly $600 million in additional taxes, resulting in over $43 million in penalties

http://business.financialpost.com/personal-finance/taxes/if-you-sell-real-estate-expect-the-taxman-to-take-a-close-look-in-continued-cra-crackdown

Just me
Guest
Just me

“During the past three years, CRA auditors have reviewed more than 30,000 files in Ontario and British Columbia and identified nearly $600 million in additional taxes related to the real estate sector, which resulted in over $43 million in penalties. In 2017-2018, the CRA assessed $103 million more in additional taxes than the prior year and penalties increased by $19 million.”

Make Vancouver Canadian Again
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Make Vancouver Canadian Again

And to BPOM: Can you please settle the controversy and tell us who you were referring to in this discussion as being a sockpuppet of Oracle? I thought you were referring to me. Specuskeptic thought you were referring to me also. But you deny you were referring to me. If you were not referring to me, who in this discussion were you referring to as a sockpuppet of Oracle?

Just me
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Just me
Just me
Guest
Just me

“Declaring “there can be no macroeconomic stability without financial stability,” Powell spent much of his speech discussing regulatory and supervisory policies without commenting on the Fed’s monetary stance or his economic outlook.”

Polos, are you listening? Preserving macroeconomic performance at the risk of introducing more financial risk and systemic instability (debt) is not the way to go.

Make Vancouver Canadian Again
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Make Vancouver Canadian Again
It absolutely is a form of psychological bullying. I’ve experienced it before elsewhere on the internet. I don’t think I’ve even said anything all that controversial. I think it is my moniker and the fact that they know it would resonate with voters that is so triggering to people. When people cannot debate you intellectually, they resort to character assassination. They are trying to undermine me by saying I don’t exist and that I am Oracle. I have been accused of being another person and not really me throughout the internet. It is a common tactic of the left now. If they finally accept that I am not Oracle, they may start accusing me of being a Russian bot. It doesn’t really matter to me at the end of the day. But the cumulative effects through life start to hurt.… Read more »
bestplaceonearth
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bestplaceonearth

Not sure why you take this thing so seriously. I have been called Byron in some instant by the tofu pea brains, but I don’t really mind. It’s just an anonymous blog, and it’s entertaining! That is all.

Make Vancouver Canadian Again
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Make Vancouver Canadian Again

It’s serious because it’s not just a case of mistaken identity. It is a way to systemically undermine and silence points of view that people don’t agree with. Say that’s it’s all from one person and then that opinion can be dismissed as unimportant. It is a way of diminishing my comments without actually responding to them substantively. It is a new dirty tactic of the left. The Russian bot narrative is the same tactic just on a much larger scale.

bestplaceonearth
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bestplaceonearth

Unless you use you true identity, I don’t see it “a case of mistaken identity”. To survive in a vicious environment like this, just need to be bold.

Oracle
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Oracle

Admin: can you tell the nutcases that the new poster is not me. Thx.

It’s pathetic. Anyone with a similar viewpoint is attacked. Glad I don’t take their advice.

And MVCA, go to reddit. Good civilized discussion there. and they won’t call you oracle.

Make Vancouver Canadian Again
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Make Vancouver Canadian Again

Oh and I forgot to say thank you to you.

Make Vancouver Canadian Again
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Make Vancouver Canadian Again

It would be nice if the admin would be confirm that I am not Oracle. Also, please ban KickThemOut, specuskeptic, and Shut It Down. But most of all, KickThemOut. According to another poster, KickThemOut has mental illness. KickThemOut wants to know where I live and came close to making threatening comments. I’ve never experienced a blog where that kind of behaviour is tolerated. I am genuinely surprised that the majority of other users supported him over me. And if this really is a pattern of behaviour of KickThemOut, that is very scary. Why are you tolerating this?

Make Vancouver Canadian Again
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Make Vancouver Canadian Again

I tried commenting on reddit once but my comment never showed up so I just gave up.

Make Vancouver Canadian Again
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Make Vancouver Canadian Again

Okay fine. You all win. I am Oracle. You are right. Everyone else but me wins. Same as it ever was. It doesn’t matter to me anyways.

Oracle
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Oracle

mvca: these people on this blog are too smart. They know you are me. Hahaha. They know it all. They said the market is going to crash 80%. It’s my entertainment during the day.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Get help.

Specuskeptic
Member

Wow. Just wow.

Make Vancouver Canadian Again
Guest
Make Vancouver Canadian Again

This blog is sick. Really. Why am I under attack. One of the most civil reasonable people. And KickThemOut is hardly called out. And everyone thinks I am one and the same as Oracle. I am not making it all about me. You guys are. You guys are making it all about my identity when you say I am Oracle. Why does the poster’s identity come under scrutiny? Couple that with being asked where I live. Do I actually need to contact the RCMP. I have no idea who Oracle is. This is a form of psychological bullying and you people should be ashamed of yourselves.

Specuskeptic
Member

Say “Oracle” one more time and you win a prize.

Make Vancouver Canadian Again
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Make Vancouver Canadian Again

To BPOM: Who are Oracle’s sockpuppets in this discussion? One can see how I could think you were referring to me. Who were you referring to? I asked this below in a larger post and it is an important question so that is why I am reposting as its own post.

Specuskeptic
Member

Why are you making this all about you. Add this to the list of Boracle behaviour…. If you’re authentic, time will reveal it to be the perhaps.

Oracle
Guest
Oracle

You should be ashamed of yourself. Jumping to conclusions and attacking a new visitor to this blog. Pathetic.

But you guys think you are soooo smart. That’s why you have been so right on housing.

Make Vancouver Canadian Again
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Make Vancouver Canadian Again
I also want to say I really have no idea whether or not this real estate bubble is going to pop or not. I have no idea what the effects of the NDP policy changes will be. I am hoping for the best. I am hoping Vancouver is going to become more affordable again. I just don’t want to get my hopes up and there have been so many times we have been told there was going to be a crash or a correction and it never panned out. But even if there is a crash, it will take the economy down with it. I am essentially a poor renter. I am not so worried about myself as I am for the next generation. But I am a renter so I don’t have any skin in the game in the… Read more »
Make Vancouver Canadian Again
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Make Vancouver Canadian Again
I can’t believe people are insinuating that I am Oracle. To Best Place on Meth: I am not a sock puppet of Oracle. I don’t know how to prove it to you and I don’t think I ever could. It is very frustrating for me though because I am actually going through a really hard time in my life right now and one of the things I am dealing with is being misunderstood. I am misunderstood in all domains of my life and for years I have brushed it off, but after so long it can start to really hurt. I just commented on this blog today because I thought you guys would agree with what I say. Perhaps if my comments echo others it is because I have been reading this blog for years and so this blog has… Read more »
Oracle
Guest
Oracle

Hang in there man. Everyone goes through rough spots in heir lives and try not to let others make it worse.

You owe nothing to the people on this blog harassing you needlessly. No apologies or anything.

It’s says a lot about someone who purposely brings misery to someone down and out. And this blog is about housing and how local workers can’t afford the rising costs; yet they turn evil themselves and put down someone who is down and out on their luck.

Karma.

Make Vancouver Canadian Again
Guest
Make Vancouver Canadian Again

Thank you. That sums it up. If they really knew the full truth of who I am and what I have gone through, they would be very, very ashamed of themselves.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Strange, you’ve never defended anybody else here before.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

There’s never been a poster who displayed such a blatant (and forced) disregard of paragraphs.

Specuskeptic
Member

It’s all part of the new persona… LOL

Best place on meth
Member
Best place on meth

Did I say YOU were one of his sock puppets?

Oops, you outed yourself.

Make Vancouver Canadian Again
Guest
Make Vancouver Canadian Again

I didn’t just out myself. I am not Oracle. It sounded like you were talking about me when we read your comment in the context of the discussion. Who could the other sock puppets be?

Specuskeptic
Member

Me thinks the lady doth protest too much…

Specuskeptic
Member

“Who could the other sock puppets be?”

Romeo Jordan, Reality Check, China One… to name a few.

Pretty coincidental for you to echo almost exactly that lying asshole’s exact sentiments and even include the same inflated sense of self importance when it comes to expressing feelings of being threatened. Only an ego-inflated douche like Oracle has done that with such aplomb on this board so it’s very reasonable to assume you are a sockpuppet, no?

Make Vancouver Canadian Again
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Make Vancouver Canadian Again

You called me an ego-inflated douche. Why? Because I think a troll who posts articles verbatim and another poster says is mentally ill should be banned. Someone who takes things way too personal and wants to know where I live. I just don’t get it. Of course, people who have called this unrelenting bubble have a right to brag about being right all these years. Hey, it’s all I’ve got as a poor renter so at least give me the bragging rights of know how ridiculous the situation was years ago. That is not an ego-inflated douche like the realtors out there who caused this bubble. But if everyone thinks Oracle and me are one and the same, gosh darn it, maybe we are kindred spirits. I honestly thought Oracle uses profanity and expletives, which I never do.

Specuskeptic
Member

OK then. Time will tell.

Make Vancouver Canadian Again
Guest
Make Vancouver Canadian Again
I did not see any of those names in the discussion. I understand reading comprehension is a challenge for some. I was defending myself to Best Place on Meth for thinking that when he used the term “sockpuppet” he or she was referring to me. It sounds like that in the context of this thread. If we re-read the comments, I guess the only other candidate for sock puppet would be stagnate as that was the only other person on “my” side of the debate. I did not see any of those names you just put out commenting today so there is no way BPOM could have been referring to them. I was on the defensive for being called Oracle throughout the comments. BPOM could solve the confusion right now and just tell us who they were referring to with… Read more »
Specuskeptic
Member

“I understand reading comprehension is a challenge for some.”
I hope that was in reference to your own. It’s clear that BPOM was calling you a sockpuppet. I am too. Looks like others are as well.

Also, that’s a really good example of the smarmy voice Boracle brings to this board. Why isn’t he posting now? Odd that…. Too lazy to log out and log back in via the VPN?

Make Vancouver Canadian Again
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Make Vancouver Canadian Again
OMG You are embarrassing yourself and showing your clear lack of reading comprehension. Look back at the original comment from BPOM that this whole thread is descending from. BPOM said: “Did I say YOU were one of his sock puppets? Oops, you outed yourself.” Clearly, BPOM is saying that he was not referring to me as a sock puppet but because I interpreted it to mean me that that was Oracle outing himself as me. If you had better reading comprehension, I would not need to explain that to you. So it is not at all clear that BPOM called me a sock puppet now that BPOM has implicitly denied calling me a sockpuppet. And, it is clear that I was right to assume that BPOM was referring to me when he used the word sockpuppet because that is what… Read more »
Just me
Guest
Just me
Just me
Guest
Just me

But….

“At the ultra-top end of the market, it’s business as usual. Last weekend, an eight-bedroom waterfront mansion in Sydney, complete with a private jetty and butler’s pantry, reportedly sold for about A$20 million ($15 million). That still compares well with Shanghai or Hong Kong, where an equivalent sum would buy a luxury three-bedroom apartment.”

paulb
Member

New
231
Price Change
93
Sold
128
TI:11676

http://www.clivestevepaul.com

Dave
Member

Sales aren’t picking up into a spring market. But inventory isn’t moving up quickly enough to crash prices.

backwardsevolution
Guest
backwardsevolution

Dave – give it time.

Dave
Member

I think we trickle down as rates trickle up. I think the real crash will take an economic downturn.

Every single cycle of monetary inflation results in some type of financial crisis. Maybe this time, it’s real estate in bubble cities outside the US.

Screwed
Guest
Screwed

Make inventory 12,000 again

Best place on meth
Member
Best place on meth

Between oracle and his sock puppets, and space them out’s sociopathic lunacy, this place is a fucking cesspool.

And I’ve been to china, so I know cesspools.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

The guy who took a dump on the kitchen floor is now bitching about the flies?

Specuskeptic
Member

There is clearly an effort by some to drown out some perspectives…. along with those with a handful of other side agendas. Oracle somehow feels compelled to give each of the voices in his head a separate handle. At least he’s showing us his “sources”.

Make Vancouver Canadian Again
Guest
Make Vancouver Canadian Again

You and Shut It Down are the ones who are drowning out perspectives.

All in
Guest
All in

You are right. There are some posters here who are talking to themselves.

Make Vancouver Canadian Again
Guest
Make Vancouver Canadian Again

I am not talking to myself.

Make Vancouver Canadian Again
Guest
Make Vancouver Canadian Again

I just flagged the comment from KickThemOut asking where I live so he can send “locusts” (a pejorative for Chinese people I do not use and find offensive) to my home. This is getting really scary. What is going on here? How can the site admin allow this. It’s getting pretty close to threats. KickThemOut absolutely needs to be banned from this website!!! The sooner the better!

Oracle
Guest
Oracle

If you feel directly threatened. Contact the RCMP.

He seems like a dangerous character.

Specuskeptic
Member

“If you feel directly threatened. Contact the RCMP.

He seems like a dangerous character.”

LOL thanks for the laugh. I’m sure this new poster appreciates your concern…. I remember you pulling this shit on me not too long ago.

Oracle
Guest
Oracle

Make Vancouver Great again:

Glad to see critical thinking skills here. Here is my advice:

Try to move away from currently relatively poor areas such as Whaley, Guildford. Etc. Also try to move away from predominantly rental areas as these people will have less and less disposable income as time goes by. Result will be crime, and everything that comes with it.

I blame the people (especially renters) for not understanding what was going on. They reap what they sow.

They don’t get that it’s the record immigration numbers that are at the core of the housing issue.

Why must we grow by 50-75,000 people a year?

realist
Member
realist

“Why must we grow by 50-75,000 people a year?”
Elementary, my dear Oracle – because the Elites, that is, the 0.1 percenters, wish it to be so, in order that they can: 1. drive down wages, & 2. drive up demand for everything else they own and sell, such as rents and land prices. No surprise there – but what is surprising is how successfully the Elite has packaged their self interest such that the “Left” happily and apparently guilelessly act as their shill – no party is a greater advocate of immigration and immigrants than the Democrats/NDP/Labour.

Oracle
Guest
Oracle

And do you see the attacks I put up after voicing these concerns? And when a new person says something similar, they get attacked by saying there can only be one person that thinks like that. Immigration and the resulting population concentration in the cities can’t possibly be the cause of the housing crisis.

That’s why I have no faith that a remedy will be found as the people who need it most confused to the point of aggression.

Thx for your post amongst the chaos.

Make Vancouver Canadian Again
Guest
Make Vancouver Canadian Again

“The people who need it the most are confused to the point of aggression.”

That sums it up all right there. And I guess, when it really comes down it, that is why this crisis is going to get far worse. It will have to get worse before people let go of their ideologies and programmed ways of thinking. The dysfunction of VCI is a reflection of the dysfunction of our region and the conundrum we are in.

KickThemOut
Member
KickThemOut

I don’t know…why do you people insist on having like dozens children? Do you not realize the amount of environmental damage and stress you are placing on Mother Earth that is a hair away from collapse?

stagnate
Guest
stagnate

indeed even the homeless are going to have conflicts between those that get the free modular apartments and those that don’t; basically the government should worry about rental housing for normal people that work. where is Jesse? I also remember him from ten years ago, basically was a bear poodle/stooge with limited intelligence

KickThemOut
Member
KickThemOut

You do drugs or have mental illness, you get free modular housing. If you are a hard working person who fell on hard times and want to get back on your feet then you aren’t welcome. The former would depend on NDP for their entire life and is a continuing cash cow for poverty industry. The latter not so much. Why do you think NDP policy is structure to help the former but ignores and purposely put up obstacles for the latter?

Best place on meth
Member
Best place on meth

What would you suggest we do with people who are mentally ill, harvest their organs?

Specuskeptic
Member

KTO is the superhero our world needs – Utilitarian Man. He’s acting out of pure moral righteousness. https://www.smbc-comics.com/comic/the-greatest-possible-superhero

Make Vancouver Canadian Again
Guest
Make Vancouver Canadian Again

I will vote for any candidate for mayor who adopts my moniker as their campaign slogan. Make Vancouver Canadian Again. You can have it free of charge. Consider it my campaign donation. It took me 5 seconds to come up with and I bet it would be a bigger hit with the voters than any slogan that any high paid marketing firm could come up with. That’s no credit to me. That’s because the political class is out of touch all the way around.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Define “Canadian”, then?

Best place on meth
Member
Best place on meth

Not you, that’s for sure.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Oh do fuck off, moron.

Oracle
Guest
Oracle

They are not out of touch. They know you can’t do anything about it at the moment so they having their way.

Minions fighting amongst themselves.