The Canadian Revenue Agency Is Investigating Trump Tower For Tax Fraud
The Trump brand isn't doing so well in Canada.
The Trump brand carries heavy baggage wherever it appears, including Canada.
The brand evokes a nauseating array of products, from steaks, to handbags, to, especially, gaudy luxury condo towers.
Since president Trump's inauguration, an international boycott of Trump products has proved powerful enough to force the removal of Trump's name from Trump Tower Toronto and to put Ivanka Trump's line of accessories out of business.
But it seems the vitriolic president's sketchy activity even extends to some of his products.
That's what's happening in Vancouver, where federal authorities are investigating developers and buyers behind the Trump International Hotel and Tower for tax fraud.
The Canadian Revenue agency is looking into the tower for "presale condo flipping," or instances where individuals or companies bought condos before the end of construction only to quickly resell them for a higher price without disclosing those earnings.
The investigation is part of a broader examination of the costly condo market in Vancouver. Sometimes, unfair trading and selling are behind those inflated prices. The federal-crack down is aimed at cooling one of the most expensive housing markets, and by far the least affordable, in North America.
The current investigation into Trump Tower Vancouver does not include the Trump family. While the Trump Organization allowed developers to use the Trump name on the condo tower, for a price, it had no involvement in the sale of units.
Still, this latest news only further tarnishes the Trump brand in Canada.