BC Finance Minister is calling on the federal government to crack down on tax cheats.
It comes after a Globe and Mail investigation into how loopholes are making it easy for foreign real estate speculators to dodge paying taxes.
The Globe’s investigation found a local real estate speculator paid almost nothing in taxes last year, while still being able to buy and flip multi-million dollar homes in Vancouver’s red hot market.
The investigation found a lot of his deals were done with foreign money from China, and yet he declared a personal income of over $45-thousand dollars last year.
Finance minister Mike de Jong issued a statement, calling on the Canada Revenue Agency to diligently crack down on tax cheats.
de Jong says he’s concerned about the allegations some are not paying their share of taxes, and he plans to continue to communicate his concerns to the federal government.