A recent court case has brought to light the complex financial and residency status of Weihong (Ruby) Liu, a prominent figure who owns three major shopping malls and a golf course in British Columbia. Liu, described as a "Vancouver-based billionaire," has declared herself not a resident of Canada for tax purposes, despite her significant Canadian assets and past statements about living in the country.
Weihong Liu, who has been described as a "Vancouver-based billionaire," owns significant commercial properties in British Columbia, including three shopping malls and a golf course. She has recently been involved in contentious court proceedings in Ontario concerning the acquisition of 25 store leases from Hudson's Bay Company, a deal potentially worth $469 million.
Liu has stated she moved to Canada over a decade ago and has been acquiring properties since then. However, in a transparency document filed in Ontario Superior Court, she listed her sole citizenship as Chinese and her only address as being in Shenzhen, China. Crucially, when asked if she was a "resident of Canada for income tax purposes," Liu checked the "No" box.
This declaration raises questions about how an individual with extensive ties to Canada, including substantial property ownership and a luxurious estate near the University of British Columbia, can be considered a non-resident for tax purposes. China does not officially permit dual citizenship. While Liu has previously identified herself as a permanent resident of Canada to a reporter, her court documents do not specify any Canadian immigration status.
Immigration specialists have noted that the question of whether a permanent resident of Canada can claim non-residency for tax purposes has been a subject of controversy. The Canada Revenue Agency has not commented directly on Liu's specific situation, but experts suggest that establishing non-residency for tax purposes, despite significant Canadian assets, involves complex legal and financial considerations.
Attempts to reach Liu through her Canadian companies for comment have so far been unsuccessful. The situation highlights the intricate nature of international wealth and tax residency for high-net-worth individuals with global assets and connections.