Sherbrooke company found guilty of tax evasion
SHERBROOKE, QC, Sept. 25, 2012 /CNW Telbec/ - The company 9073-7610 Québec Inc., operating under the name Formatrix 67, pleaded guilty to tax evasion charges yesterday before the Court of Quebec in Sherbrooke. The company was fined $54,060, which represents 100% of the federal tax it tried to evade. In addition to this fine, Formatrix 67 will have to pay the full amount of taxes owing, plus related interest and any penalties that apply.
A Canada Revenue Agency (CRA) investigation revealed that Formatrix 67 voluntarily contravened the Income Tax Act by claiming false expenses on its 2004 to 2008 corporation income tax returns. These inadmissible expenses, amounting to a total of $368,371, were sent to the Bahamas or Antigua and Barbuda for the benefit of a company in Costa Rica.
The above information was obtained from the court records.
Tax evasion costs all of us. The job of our investigators and auditors is to make sure that all Canadians pay the tax they owe.
Taxpayers who have not filed returns for previous years or who have not reported all of their income can still voluntarily correct their tax affairs. They may not be penalized or prosecuted if they make a valid disclosure before they become aware of any compliance action being started by the CRA against them. These taxpayers may only have to pay the taxes owing, plus interest. More information on the Voluntary Disclosures Program can be found on the CRA Web site at www.cra.gc.ca/voluntarydisclosures.
More information on convictions can be found on the Media page of the CRA Web site at www.cra.gc.ca/convictions.
SOURCE: CANADA REVENUE AGENCYFor further information: