Is this the best investigative journalist in the country?
In March, she broke the story that changed Vancouver real estate forever: shadow flipping by unscrupulous Realtors and their overseas buyers. That opened Pandora’s Box, and over the next few months, we watched the real estate industry change – all due to her piece in the Globe & Mail.
On Tuesday, she dropped a bombshell piece called, “Out of The Shadows,” about Canadian tax loopholes that are being exploited so foreign buyers can avoid paying C.R.A.
I can’t compete with this. So today, let’s just look at all the media attention on this topic…
It’s like one of those “Where were you, when,” questions…
Except those are always inherently negative, like, “Where were you when you heard J.F.K. was shot?”
I’ve often asked people, “Where were you when you first heard about ‘shadow flipping’ in Vancouver,” and more importantly, “Did you have any idea how much sh!t was about to hit the fan?”
As I wrote in a blog back in March entitled, “Kathy Tomlinson Changed Real Estate Forever,” the expose about shadow flipping started as a good read, but turned into something much greater.
There were a couple of follow-up articles by Ms. Tomlinson, and then the media took hold of the sensation, and eventually politicians jumped on board, and (ta da!) a 15% “foreign buyer’s tax” was born.
I’m convinced you can trace this tax directly back to Ms. Tomlinson’s article.
And I ask again, “Did you have any idea how much of an impact this article was going to have?”
Fast-forward to this month, and Ms. Tomlinson writes, “Out Of The Shadows” in the Globe & Mail.
Once again, the fallout begins.
Every day, we’ll see another article.
And this will turn into the second-largest real estate story of 2016.
“Genius” ideas are already coming out of the wood-works, much like they did in regards to the foreign buyer problem.
NDP MP David Eby wants the Province to somehow link real estate transactions with income taxes!
That’s what we need! More government in our faces…
But wait – somewhere, there’s an anonymous online commenter who is going to simplify this to say, “We only need to link real estate transactions to income taxes for Asian buyers, silly! No need to do this with plaid-wearing, snowball-throwing Canadians!”
The CRA has apparently already committed an extra $400 Million to dig deeper into our taxes.
Maybe that’s why an auditor kept asking me for one receipt out of about 900 from 2015, for a sports medicine doctor…
Let’s keep my rhetoric to a minimum today.
Read Ms. Tomlinson’s article. Link again, HERE, in case you won’t scroll back up to the top…
Then comment below – is this a story about one guy, or is this an epidemic?
And what, if anything, can the government, or will the government, do about it?