Jump to content

      













Photo

March 31 Spec Tax Deadline


  • Please log in to reply
40 replies to this topic

#21 Victoria Watcher

Victoria Watcher
  • Member
  • 5,129 posts

Posted 04 April 2019 - 09:02 AM

No kidding. They went after him and his piddly $5000 because it was easy. The guys moving $75k around are still doing it, they’re just smarter.

It’s always the innocent person who gets caught up in a dragnet because officialdom needs to prove it's doing something.

it’s not clear to me they “went after” him. some shoddy reporting did not indicate what was asked in the calls or how long they were. or what was asked of his wife. or his kid. how old is his kid? we also have no idea if any of them were actually obliged to answer any questions.

seems a lot is missing.

Edited by Victoria Watcher, 04 April 2019 - 09:04 AM.


#22 LeoVictoria

LeoVictoria
  • Member
  • 3,060 posts

Posted 04 April 2019 - 10:16 AM

No kidding. They went after him and his piddly $5000 because it was easy. The guys moving $75k around are still doing it, they’re just smarter.

It’s always the innocent person who gets caught up in a dragnet because officialdom needs to prove it's doing something.


Since when is asking questions going after him?

A major makes a large cash deposit. Totally reasonable to follow up. How often does it happen that a major wins a prize that is paid in cash? Basically never.

Presenting this as an either or situation is misleading. They can ask him questions and go after the big fish. There are a lot of initiatives right now to crack down on money laundering both at the federal and provincial level. I hope we can agree that’s a good thing
  • VIResident likes this

#23 Nparker

Nparker
  • Member
  • 23,501 posts

Posted 04 April 2019 - 10:25 AM

...There are a lot of initiatives right now to crack down on money laundering both at the federal and provincial level...

Is this the alleged purpose of the speculation tax?  I thought it was meant to free up more affordable housing.

Just desperately trying to get this thread back on track.



#24 LeoVictoria

LeoVictoria
  • Member
  • 3,060 posts

Posted 04 April 2019 - 10:37 AM

Is this the alleged purpose of the speculation tax? I thought it was meant to free up more affordable housing.

Just desperately trying to get this thread back on track.

Not the alleged purpose, but I’m willing to bet a database of property owners and SINs is more valuable than the little bit of income they might get from the spec tax and the few additional listings on the market.

And remember the spec tax is forcing everyone to make a declaration about their ownership and status of the house. That is something you can nail people on later if it ends up being incorrect.

Edited by LeoVictoria, 04 April 2019 - 10:38 AM.

  • VIResident likes this

#25 Victoria Watcher

Victoria Watcher
  • Member
  • 5,129 posts

Posted 04 April 2019 - 10:40 AM

Not the alleged purpose, but I’m willing to bet a database of property owners and SINs is more valuable than the little bit of income they might get from the spec tax and the few additional listings on the market.
.



B.C. to create government registry of beneficial property ownership


https://vancouversun...perty-ownership

#26 Nparker

Nparker
  • Member
  • 23,501 posts

Posted 04 April 2019 - 10:44 AM

... the spec tax is forcing everyone to make a declaration about their ownership and status of the house...

Not exactly true. Only homeowners in the following areas.

- Capital Regional District. (but not Salt Spring Island, Juan de Fuca Electoral Area and the Southern Gulf Islands)
- Metro Vancouver Regional District
- The City of Abbotsford
- The District of Mission
- The City of Chilliwack
- The City of Kelowna
- The City of West Kelowna
- The City of Nanaimo
- The District of Lantzville



#27 LeoVictoria

LeoVictoria
  • Member
  • 3,060 posts

Posted 04 April 2019 - 11:07 AM

B.C. to create government registry of beneficial property ownership


https://vancouversun...perty-ownership


Yeah that’s the other piece of the puzzle. The fact that it was possible to hide ownership behind a numbered Corp and avoid property transfer tax on sales while the us common folk pay an arm and a leg is a disgrace.
  • nerka and VIResident like this

#28 Mike K.

Mike K.
  • Administrator
  • 49,975 posts

Posted 05 April 2019 - 02:41 AM

Since when is asking questions going after him?

A major makes a large cash deposit. Totally reasonable to follow up. How often does it happen that a major wins a prize that is paid in cash? Basically never.

Presenting this as an either or situation is misleading. They can ask him questions and go after the big fish. There are a lot of initiatives right now to crack down on money laundering both at the federal and provincial level. I hope we can agree that’s a good thing

$5,000 is not a lot of money, and the pursuit reeks of Big Government.

I don’t like that Screech went to the media over this, but I also don’t like my government wasting resources chasing a guy over $5k. I can see a bigger issue if he was depositing $5k in cash with regularity, but a one time deposit? Good grief.
  • Cassidy likes this

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#29 Victoria Watcher

Victoria Watcher
  • Member
  • 5,129 posts

Posted 05 April 2019 - 03:00 AM

they make three phone calls every time a BC mayor deposits over $5k cash. so three phone calls per year on average. does not seem like that ties up too much resources.
  • LeoVictoria likes this

#30 Victoria Watcher

Victoria Watcher
  • Member
  • 5,129 posts

Posted 05 April 2019 - 03:06 AM

in the tc story he says he refused to tell the bank the source of the cash st first. sounds like an action that should raise a red flag.

then they called his 35 year old stepson who has a credit card that is actually screech’s account. and asked about it. so it’s a direct tie. sounds like same with his wife.

this “probe” seems just fine.

his ignorance of the program is what is most disturbing. he also characterized the casino money laundering problem as a “fuss” which seems like he minimizes it. with that attitude no wonder he’s a suspect.

Edited by Victoria Watcher, 05 April 2019 - 03:10 AM.


#31 Mike K.

Mike K.
  • Administrator
  • 49,975 posts

Posted 05 April 2019 - 03:12 AM

So it was the bank, on its own accord, that pursued this?

If so, it’s the bank’s time and resources, and I wouldn’t lump this in with the money laundering thing. Banks will pursue you for any amount If they think it’s is ill gotten, I guess, but not because they think money is being laundered through casinos and horse races and therefore there’s pressure for them to act.

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#32 Victoria Watcher

Victoria Watcher
  • Member
  • 5,129 posts

Posted 05 April 2019 - 03:13 AM

every story says it was the bank making the calls. nobody else.






In a statement, CIBC said that under federal legislation, Canadian financial institutions can be required to seek additional information on transactions involving “individuals who hold prominent positions.” But the inquiry didn’t stop there and that’s where it crossed the line, said Screech, who felt his privacy was unnecessarily invaded.

Screech’s wife was called and questioned about where she gets funds to pay her personal Visa bills. His 35-year-old stepson, with a different surname, was questioned about how he pays his credit-card bill, a supplementary card under his father’s name.

The implication was that he had received a payoff, said Screech, who was told by the bank that he is considered a “politically exposed person” under federal law because he is a municipal mayor.

Edited by Victoria Watcher, 05 April 2019 - 03:15 AM.


#33 Mike K.

Mike K.
  • Administrator
  • 49,975 posts

Posted 05 April 2019 - 03:14 AM

That’s what threw me for a loop \ /

That’s exactly what they’re going after. The province has been turning a blind eye for years. Not anymore


Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#34 LeoVictoria

LeoVictoria
  • Member
  • 3,060 posts

Posted 05 April 2019 - 10:25 AM

So it was the bank, on its own accord, that pursued this?

If so, it’s the bank’s time and resources, and I wouldn’t lump this in with the money laundering thing. Banks will pursue you for any amount If they think it’s is ill gotten, I guess, but not because they think money is being laundered through casinos and horse races and therefore there’s pressure for them to act.

 

The only reason the bank is calling is because of federal FINTRAC requirements.  

 

The bank of their own accord don't give a crap where the money comes from.   Hence the crackdown from the province and now the feds after our AG put a lot of pressure on them to stop sitting on their thumbs.



#35 Mike K.

Mike K.
  • Administrator
  • 49,975 posts

Posted 05 April 2019 - 10:27 AM

I take it you've never been taken to a side room to speak with bank management when making a cash deposit?


  • Matt R. likes this

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#36 Redd42

Redd42
  • Member
  • 396 posts

Posted 05 April 2019 - 11:00 AM

Banks questioning cash deposits and cash transfers done in the branch is not a new thing. 

 

Don't do either of those things very often. But remember an instance from a few years ago where a customer asked me to deposit an amount which I think was a couple of thousands of dollars directly to their bank account. Teller wanted to know why I was depositing that amount in someone else's account.

 

From what I read about the instance we are talking about, Mr Mayor didn't want to tell the bank where the money came from. Maybe that is what prompted the further questioning?



#37 Victoria Watcher

Victoria Watcher
  • Member
  • 5,129 posts

Posted 05 April 2019 - 12:18 PM

the $5000 was at the low end for sure. maybe the bank was being ultra-conservative.  it's not like they have any bigger fish to look at this might have been their biggest guy.  who knows.


Edited by Victoria Watcher, 05 April 2019 - 12:18 PM.


#38 Nparker

Nparker
  • Member
  • 23,501 posts

Posted 05 April 2019 - 12:59 PM

Do we know how Mayor Screech's $5000 payment/inquiry related to his speculation tax declaration?  <_<


  • Redd42 likes this

#39 LeoVictoria

LeoVictoria
  • Member
  • 3,060 posts

Posted 05 April 2019 - 01:50 PM

I take it you've never been taken to a side room to speak with bank management when making a cash deposit?

 

I'm telling you why they do that.  If there was no federal regulation they would be all too happy to collect your bags of cash.



#40 Mike K.

Mike K.
  • Administrator
  • 49,975 posts

Posted 05 April 2019 - 02:20 PM

But they’ve always done that. This isn’t because of recent money laundering.

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


You're not quite at the end of this discussion topic!

Use the page links at the lower-left to go to the next page to read additional posts.
 



0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users