“I work in the insurance industry and I see a lot of suspect transactions.”

‘Kim Jong-il buy 3’ at vancouvercondo.info June 29th, 2010 at 4:46 pm

“I agree about all the money laundering in the lower mainland but none of the people I suspect are foreigners, all are greedy locals. I work in the insurance industry and I see a lot of suspect transactions. A common one: People buy properties in company names to avoid paying tax on the retained business income, fine, but then they declare the other residence they own personally as a Principle Residence so they remain capital gain tax free. Others who even when the move out, request that we don’t change their mailing address because they don’t want CRA to know that they don’t live in the residence anymore. I had one client request that we back date her insurance policies to show a multi million dollar vacation home as her principal residence after she was audited…sure…let’s commit fraud together…WTF. I’ve seen a twenty something woman pay cash for her Fraser Valley Insurance renewals (about $2,000) suspicious because we are located in Vancouver and nobody ever pays cash. Probably growing tomatoes. One thing I have noticed lately, locals are leaving. I’ve never seen so many people leave for AB, ON before. Most have been renters but I think locals are giving up on Vancouver.”

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