There have been assumed rumours about this for ages, but Mr. Gu's case is the first one that actually went to the press.  As such, it is getting all of the press – and then some – that is out there and following the topic, as a Coquitlam realtor, I am still appalled. 

The details of the release are this.  Mr. Gu reported a tax total income of just under $46 000 during 2015 tax year, but just a short time ago, documents surfaced that showed that he had been in possession of millions of dollars but no sight of it was ever found.  These millions of dollars were in personal as well as professional accounts, and many people are frustrated with this coming to light, as it was bad enough that the Vancouver market was as bad as it was, but now it's made even worse by the fact that real estates are now taking money for themselves on every sale that they make, and then not claiming it on their tax forms.

Mr. Gu has another side to this story, however.  He says that he has claimed the correct amount due to the fact that some of these millions were a personal loan, and other parts of these millions were for personal homes that he flipped (and was living in at the time), so he is not required to claim them on his forms.  He furthers this information with the fact that he loves Canada and wants to live here for the rest of his life.  He says that he has no desire to cheat the government from the money that they ask for, but he is not being deceitful right now at all.    

Mr. Gu says that he was motivated to come forward to speak due to the fact that he wants his sons to know that he is abiding citizen and he wants to always make sure that his sons see the value that comes from doing good, honest things.  He has brought forward all of his documents in regards to his finances and is being open with the accountants that are taking a look at them.  He wants to make sure that this is cleared up and that his name can be cleared.

    Many feel that the damage is done, however.  His name is now smeared in the mud, and the general public are now wondering if other real estate agents are doing the same things and then getting away with it.  It seems that the world is not a trustworthy place, and as the house prices in Vancouver hover at a height that make us all wince and try to catch our breath, everyone is turning into skeptical people that are genuinely fearful that the world is turning to bad habits and under the table money slinging.

No matter what the result is for Mr. Gu, the seed has been planted in the minds of Canadians, and many are wondering what is going to come under fire next in terms of the real estate market and its rich purse of funds.