ST. JOHN'S, Jan. 7, 2019 /CNW/ - The Canada Revenue Agency (CRA) announced that Frank Clarke and Cabot Ford Lincoln Sales Limited of St. John's, pleaded guilty on January 4, 2019, in the Provincial Court of Newfoundland in St. John's to two counts of tax evasion under the Income Tax Act and the Excise Tax Act and Frank Clarke was fined a total of $90,215. In addition to the court imposed fine, Frank Clarke will also have to pay the full amount of tax owing, plus related interest and any penalties assessed by the CRA.
A CRA investigation revealed that Clarke failed to report income that he earned, totaling $203,439 on his personal tax returns for 2009-2011, and thereby evading federal income taxes totaling $57,193. He also overstated expenses for Cabot Ford Lincoln Sales Limited by $180,035, thereby willfully evading the payment of taxes in the amount of $33,022.
All case-specific information above was obtained from the court records.
If you have made an omission in your dealings with the CRA, made a tax mistake or left out details about income on your tax return, the Agency may give you a second chance to correct your tax affairs and avoid criminal prosecution. The Voluntary Disclosures Program (VDP) may give you the opportunity to come forward, make things right, and have peace of mind. Disclosures that are made before the CRA launches an enforcement action such as an audit or criminal investigation may only result in you having to pay taxes owed plus interest. More information on the VDP can be found on the CRA's website at Canada.ca/taxes-voluntary-disclosures.
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Associated Links
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Informant Leads Program
Voluntary Disclosures Program
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SOURCE Canada Revenue Agency
Joanne de Waal, Communications Manager, 403-816-6656
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