COIP - 2007 Tax Shelter Obligations - Page 3
Page 3 of 11 FirstFirst 12345 ... LastLast
Results 21 to 30 of 106

Thread: COIP - 2007 Tax Shelter Obligations

  1. #21
    Junior Member
    Join Date
    Jan 2014
    Posts
    7
    HI Gixxer,

    Call Kevin Donovan at 416 869 4425 or 416 312 3503 and email your story to him (kdonovan@thestar.ca). He did a whole investigation on COIP scam as early as 2007. He pretty much knows about it.

    I am sure he can give us some advice. You just need to let him know your story.

    Quote Originally Posted by Gixxer View Post
    I am afraid that a regular joe like myself isn't savvy enough to dissect the contract and track down whether COIP actually purchased the medicine units and sent them to sub-Saharan Africa as it claims in the contract. A well orchestrated scheme might have the paperwork drafted to make it seem like this all took place, but whether it actually physically happened is another story. And maybe that's what would make the original contract null and void because of their willful fraudulent activity?


  2. #22
    Junior Member
    Join Date
    Jan 2014
    Posts
    7
    Gixxer,

    They got a huge commission for signing up one person. They had forms to inviting people joining their referring program.

    Quote Originally Posted by Gixxer View Post
    Thanks bwater for the words of recognition. Like I mentioned, I am shocked that more isn't online about people loosing their cool about this SCAM! I don't think I'd ever get involved with another tax shelter. I guess like the adage goes, if it sounds too good to be true, it probably is! I will contact Kevin Donovan and see if I can get some direction from him. I'm sure if we combine our voices, we can accomplish something regarding this sham.

    These FA definitely must get some kickbacks from bringing their clients to these seminars, and probably more if they sign on with whatever scheme is going. I posed a question to my adviser one time, and he personally signed on for the tax shelter (for a MUCH larger amount than I did). He showed me a photocopy of his letter from SunRx with how much money they are asking him to pay back and it was over $10,000. The skeptic in me automatically thought that it's a fake letter that the tax shelter organizers issued to him, in anticipation of their clients coming to knock on his doors demanding answers...but obviously I do not have any proof of that, and I'll never know.

  3. #23
    Junior Member
    Join Date
    Jan 2014
    Posts
    7
    If the whole COIP tax shelter program is a scam / scheme / illegal and it is under CRA investigation, then they should not continue to operate. Those contracts should not carry any legal effect. Right?

    http://www.thestar.com/news/canada/2...nal_probe.html

  4. Remove Advertisements
    CanadianMoneyForum.com
    Advertisements
     

  5. #24
    Junior Member
    Join Date
    Jul 2009
    Location
    Toronto
    Posts
    12
    Quote Originally Posted by bwater View Post
    HI Gixxer,

    Call Kevin Donovan at 416 869 4425 or 416 312 3503 and email your story to him (kdonovan@thestar.ca). He did a whole investigation on COIP scam as early as 2007. He pretty much knows about it.

    I am sure he can give us some advice. You just need to let him know your story.
    Thanks for the contact info. I plan on giving him a call tomorrow morning and see where it goes. Might I ask what direction he gave you, as in how to proceed with this boondoggle?

    And I agree with you 100%. If the CRA is auditing everyone involved with a tax shelter, if, according to the Toronto Star article have spent billions of Canadian's tax dollars on fraudulent income tax donation claims and refunds, it doesn't take a PhD in economics or law to figure out that someone is being duped and these organizations are preying on Canadians, hiding behind fancy presentations/seminars, letterheads and lawyers' professional opinions. Not only is it ethically wrong, it is outright criminal!!! All the aspects of criminal wrongdoing are present, it just takes some guts on the CRA's behalf to protect the people it collects money from.

  6. #25
    Junior Member
    Join Date
    Jan 2014
    Posts
    7
    Gixxer,

    You are right on! Kevin Donovan asked me to forward earlier PenAggregate emails and the recent email from SunRx to him. Kevin is a seasoned respected investigating reporter. I trust that he will us some advices.

    http://www.thestar.com/news/investig...n_donovan.html

    Quote Originally Posted by Gixxer View Post
    Thanks for the contact info. I plan on giving him a call tomorrow morning and see where it goes. Might I ask what direction he gave you, as in how to proceed with this boondoggle?

    And I agree with you 100%. If the CRA is auditing everyone involved with a tax shelter, if, according to the Toronto Star article have spent billions of Canadian's tax dollars on fraudulent income tax donation claims and refunds, it doesn't take a PhD in economics or law to figure out that someone is being duped and these organizations are preying on Canadians, hiding behind fancy presentations/seminars, letterheads and lawyers' professional opinions. Not only is it ethically wrong, it is outright criminal!!! All the aspects of criminal wrongdoing are present, it just takes some guts on the CRA's behalf to protect the people it collects money from.

  7. #26
    Member
    Join Date
    Jan 2014
    Posts
    60
    If all they're asking for is $1000, why not let them take you to small claims court if they're serious? It'll be a lot of trouble/cost for them to do that, and wouldn't cost you much. You can also get 30 min. free legal advice. (by phoning your gov't toll free number and they'll give you the main number to call.)
    All the best with that...sounds like a nasty thorn.

  8. #27
    Junior Member
    Join Date
    Jul 2009
    Location
    Toronto
    Posts
    12
    Yea, but won't that be a black eye on my credit rating/report? I'd hate to have this effect me negatively down the road.
    I don't know what kind of powers collection agencies have, which is what they are threatening to do?

  9. #28
    Junior Member
    Join Date
    Jan 2014
    Posts
    7
    Hi Gixxer,

    You can find more latest information from the comment area in this article - http://www.canadiancapitalist.com/be...-arrangements/

    Quote Originally Posted by Gixxer View Post
    Yea, but won't that be a black eye on my credit rating/report? I'd hate to have this effect me negatively down the road.
    I don't know what kind of powers collection agencies have, which is what they are threatening to do?

  10. #29
    Senior Member
    Join Date
    Oct 2013
    Posts
    588
    Slogged through the canadiancapitalist.com article and comments. Man, I thought this forum was wordy....

    It also shows the hazards of letting people use multiple names for the same login... the scammers themselves were commenting, and pretending to be a whole posse of unrelated posters...

    I wouldn't give these guys the steam off my p.

  11. #30
    Junior Member
    Join Date
    Nov 2015
    Posts
    1
    I was a donor in the program plus 4 additional years beyond. This has become a giant pile to have stepped in! There is only one way to salvage yourself here. You must satisfy the terms of your loans through full recourse compliance. This means that equivilant meds or cash must be repayed to satisfy the loan. The CRA will NOT accept partial payment loans. these companies are offering to return your promisary note in good standing for a small additional payment. This is NOT full recourse! The CRA may even use unpaid loan amounts as taxable income! Most Tax lawyers wont be able to help you here because we have stumbled into the niche area of corporate tax systems where the only way to be represented by someone who knows the game will come at a $250K retainer...too steep for average joe like me.
    I recommend that you look into a company called profitable giving Canada. They are mostly former salesmen and participants in the programs who have come together with the help or Dorris Law in Toronto to pursue the legal end of this with the CRA as a group. This will cost you more money, however, they guarantee full recourse payment (meds are actually being purchased, delivered and accepted). The law firm then takes all of your documents and puts a cease and desist order on SUn RX and related collectors. The last piece is to fight the CRA in appeals court. This is totally unpredictable in time frame and cost but for a minimal upfront cost, you get legal representation for 5 years...the downside is that CRA can appeal to eternity until there is no legal fund left.


Page 3 of 11 FirstFirst 12345 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •