Strathmore Investment/Development Opportunity

[roopi]

Originally posted by Kari_310
Per the CRA, "You have to prepare T5 slips each year for all investment contracts acquired after 1989. You have to prepare these slips annually even if you did not pay the interest. "

I've also called the CRA asking about this as well, you have to included the accrued interest in the year it was earned regardless if it was paid to you or not.

So say hypothetically you are never paid anything and the company disappears you have to still claim those past T5's as income?

[max_boost]

Well the good thing is, the bond has matured and no longer have to pay taxes on that 8%. That part has stopped lol

Now just the waiting game for the big pay day!

[BananaFob]

Originally posted by max_boost

Now just the waiting game for the big pay day!

Throw in an extra card for ccr when that happens????

[max_boost]

Originally posted by BananaFob


Throw in an extra card for ccr when that happens????

Ya if you start coming out to shinny again! lol

[googe]

Jesus, I'm not suggesting Zorro is untrustworthy, but I don't know how anyone read past this:

Total return is conservatively projected at 27%/yr or it's also broken down as follows:

$10,010 investment will net you $23,758 total, including initial investment. This is a %137 ROI over 5yrs including the 8%/yr returning bond. Again, an annual rate of return of 27%

There is no such thing as this. Ever. There is no shortage of wealthy individuals or institutional investors that would bankroll such a deal before it ever saw the light of day. If it's being offered to the general public, they all passed on it. Think about that.

I also feel obligated to mention that the builders who appear to be associated with this project also did the Paradyme condo building on 15th ave, which was severely fucked up. Major water damage and special assessments. Owners left holding the bag last I heard. A friend of mine owns a unit there, but I haven't talked to him in a few years, so maybe the situation changed (this was probably like 6 years ago or so). I doubt it though. If the builder did come through in the end, then I retract this, but if not, and if it was in fact their fault, then fuck those guys (in my opinion )

Edit: I am not going to come out and directly say the problems were their fault, because I don't know if it was proven to be their fault, and they can afford scarier lawyers than I can. So all I will say is, look into their record on that building and decide if it's right for you before buying their property. All I can say for certain is that large special assessment bills were handed out and I know of more than one very upset owner.

Note that I don't know if their craftmanship has any impact on this particular investment, but based on the BBB site for Paradyme and the "Team" page for cancorp, it appears to be at least one of the same people running both companies.

I've dealt with Zorro before and I don't think he's a scammer or anything like that. These projections were clearly overly optimistic and definitely not conservative. But he probably believed what he said at the time, and they were probably not his estimates. Whoever was running things and disseminating this information should have known better, however. I just don't think it's right to pitch these things without huge disclaimers up front that talk about the risks.

[Type_S1]

^ any person claiming those types of returns is either a massive scammer or a complete idiot salesman. If he should probably come explain how it feels to rip off "friends".

[Kari_310]

Originally posted by roopi


So say hypothetically you are never paid anything and the company disappears you have to still claim those past T5's as income?

you would then claim it as a bad debt expense in the year in which it becomes uncollectable. At that time you would have pretty good documentation to prove to the CRA that it isn't collectable anymore (if they ever asked).
Or, the other option I can think of is having to go back and amend your tax returns but that would more work and require you to discuss it with CRA.

[Xtrema]

Originally posted by Type_S1
^ any person claiming those types of returns is either a massive scammer or a complete idiot salesman. If he should probably come explain how it feels to rip off "friends".

The type of deals has been around since I got off the boat in the 80s. Back then it was for Panorama/Coventry Hills/Country Hills, something didn't materialize until a decade later.

The investment back then was retarded as you can sit on pile of cash and still get 10+% in return on interest alone.

[rage2]

Originally posted by max_boost
If you have to put money up front, you are getting scammed.

[eglove]

hahahahaha @ rage's quote

[max_boost]

LOL

Ah shit. No comment. haha

[sputnik]

Originally posted by ZorroAMG
I have a 10K min investment that will return 137%...PM me if you want the details.

Originally posted by max_boost
It's a solid plan. Nothing to worry about. Worry free investing FTW!!

[sputnik]

Another great thread....

http://forums.beyond.ca/st/240518/wh...d-lost-it-all/

Originally posted by sputnik
Sounds more like a Ponzi scheme to me.

Investor gets promised an insane return on their investment. Scammer pays them the "dividends" or "interest" monthly for a while. However the money is actually coming out of their principle with no investment happening at all.

Person starts liking the regular cheques and starts telling their friends whom in turn sign up for the same scam which continues to grow exponentially.

Eventually the scammer starts making excuses and takes of with the remaining money invested.

Originally posted by ZorroAMG
Yep. Brutal but true. That's what makes my project hard to believe, until you actually read all our fine print. Then we look rather good.

[benyl]

Originally posted by googe
Jesus, I'm not suggesting Zorro is untrustworthy, but I don't know how anyone read past this:

Isn't he an Actor or some shit? Maybe he was just the "face" of the investment. haha

[max_boost]

Originally posted by FiveFreshFish
Trust No One

[sputnik]

Originally posted by benyl
Isn't he an Actor or some shit? Maybe he was just the "face" of the investment. haha

IIRC his dad is one of the major players of the development.

It goes back to when ZorroAMG was a mortgage broker with RBC and later a condo salesman.

[KappaSigma]

Originally posted by Kari_310
Per the CRA, "You have to prepare T5 slips each year for all investment contracts acquired after 1989. You have to prepare these slips annually even if you did not pay the interest. "

I've also called the CRA asking about this as well, you have to included the accrued interest in the year it was earned regardless if it was paid to you or not.

Iv talked to quite a few accountants in the past about this and from what I have been told:

If the interest is accrued as a receivable = no T5 but if its accrued and the offset is to the shareholders loan versus a reeivable...then its deemed paid (even though no cash) and a T5 is required.

[cam_wmh]

[2000impreza]

I completely forgot about this thread. A few years ago, I remember warning max_boost about the risks involved with this investment over a bubble tea at bubblemania. lol.

I'm not sure why anyone would invest in something this. If banks or larger private investors are not jumping at this with the "promised" 27% gain, something is seriously wrong.

[max_boost]

Damn Roland how ya doing buddy? Yes I remember that hangout with you and TomcoPDR lol

Anyway here's an update. Lol