Letter: Laundering loopholes must close, CRA must step up

Dear Editor,

Speculation and money laundering seem to be two of the main culprits for the skyrocketing prices in the housing market in Metro Vancouver. 

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Richmond and Vancouver seem to be two of the hardest hit communities. 

Recent media coverage and letters to the editor, including the ones to Richmond News, reflect concerns of law-abiding Canadians.  

It is about time for both the federal and provincial governments to address these issues in an effective manner. 

Some of the recent stories in the media about “students,” “homemakers” and  “housewives” with little or no income buying/flipping multi-million dollar homes in Vancouver’s Westside are shocking.

According to the stories circulating in the media, there is a lot of this type of activity going on in our housing market. It has made it extremely difficult for ordinary hard working Canadians to buy a place close to their old neighbourhoods.

It is incumbent upon all levels of government, especially Ottawa, and appropriate agencies like the CRA and Fintrac to go after people who are abusing our hospitality and flouting our laws. 

They should not be allowed to take undue advantage of Canada‘s rather lax and lenient approach to foreign investment. 

As a matter of fact, it is incumbent upon the government to close any loopholes/gaps that encourage such unsavoury activities. 

 Balwant Sanghera


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