The Canadian Organization for International Philanthropy tax shelter, commonly known as COIP, has been the subject of numerous and serious Member complaints. COIP has been called a scam by many people including PGC Members and for a variety of reasons. The flood of complaints in early 2014 resulted from COIP demanding additional payments for interest and principal on the debts they claim their clients owe to them.
As a result of the complaints over the COIP donation program, PGC launched an investigation into the alleged wrong doing. You can see the Interim Report Here.
One of the major complaints was regarding the misrepresentations of Steve Arnold, the President of Pan Aggregate Financial Ltd. (PanAg). PanAg was the second finance company that took over the donor's debt in the COIP program. Steve told many clients who were inquiring about how to settle their debts that COIP and Pan Aggregate had decided to lower the interest rate so that the original prepaid interest would last a few more years. This was apparently done in order to give clients more time to settle their debts properly and without having to worry about having their debts go into default. So when COIP and Pan Aggregate supposedly transferred the debt to SunRx Ltd and collections started, COIP clients felt betrayed and seriously mislead. There was no reduction in interest rate and in many cases the clients debts were in default, even before clients were provided with statements of account.
COIP seems to have vanished from sight as far as customer support is concerned, however, they continue to maintain their website on a sporadic basis..
Anyone who would like to have an update and the most current information available on the COIP scam is invited to come to one of our Free Seminars. PGC has been putting on Free Seminars and Information Sessions across Canada for several years now.