A housing advocacy group is calling foul after finding a person allegedly trying to help foreign real estate investors duck out of the 15 per cent tax.
Housing Action for Local Taxpayers’ Gary Liu says a person named ‘Mr. Zhao’ will create a partnership with a foreigner for the price of 3 per cent of the property, and $1000 per year.
“Any purchase that’s made by this agreement under this process will be registered as (a) local purchase. So any effort to investigate or any effort to take data will be completely useless.”
Liberal candidate Andrew Wilkinson says anyone who tries these kinds of tricks is subject to prosecution with heavy penalties.
Liu and Wilkinson were guests on CKNW’s Steele and Drex.
The full segment can be heard below.