Episode 11: CRA Duped for $40M – How Did a Scammer Beat the System?

In this episode, Alex Pang and Alex Shanks discuss the latest developments across Canada and beyond, including the BC election results, shocking revelations about CRA’s lack of oversight, and updates on the housing market. Dive into these timely topics and their implications for Canadians.

Topics Covered

BC Election Results

• The NDP wins the BC election with a slim majority, securing 47 seats, while the Conservatives take 44 seats and the Greens hold 2 seats.
• This marks the first time in BC history that the NDP has won a third consecutive term.
• Final results were declared a week after polls closed and mail-in ballots were counted.

Ontario’s Medical School Ban on International Students

• Starting in 2026, Ontario plans to ban international students from attending medical school.
• 95% of medical school spots will be reserved for Ontario residents, with the remaining 5% open to students from other parts of Canada.

Greater Vancouver Food Bank Limits

• The Greater Vancouver Food Bank announced it will no longer serve first-year international students.
• Federal rules require international students to have $20,635 saved up, in addition to tuition and travel costs, to study in Canada.
• Food bank usage among BC post-secondary students has more than doubled from 2019 to 2023.

CRA Scandal: $40M Fraud

• A Canadian taxpayer defrauded the CRA by falsely amending tax returns, claiming over $40M in refunds.
• The CRA began issuing payments without verification, only realizing the fraud after CIBC flagged a $10M deposit.
• CBC's Fifth Estate investigation revealed CRA lacked policies to scrutinize unusually large refunds.
• Policies have since been updated to include extra checks for refunds over $50K.

Bloq Quebecois and No-Confidence Vote

• The Bloq Quebecois plans to call for a no-confidence vote in the Liberal government.
• The party will attempt to convince the NDP to join them in triggering an election.

Pierre Poilievre’s GST Promise

• Pierre Poilievre announced that the Conservatives, if elected, will remove GST on new construction under $1 million.
• How will this impact housing affordability and development?

US Election & Market Reactions

• The US Election will take place on November 5th. By the time this episode goes live, the next President will be announced.
• Speculations on how the results could impact financial markets.

Rate Update

• No major changes since the BOC rate cut.
• Fixed rates remain stable, but if you're locked into a fixed rate of 5.50% or higher, it may be worth considering breaking your mortgage.
  
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  • Alex Pang
  • Alex Shanks