GATINEAU, April 12, 2012 /CNW Telbec/ - Jacques A. Parent, administrator of a project management company in the construction industry, was found guilty of tax evasion today before the Court of Quebec in Gatineau. He was fined $29,400, which represents 60% of the federal tax he tried to evade. In addition to this fine, Mr. Parent will have to pay the full amount of tax owing, plus related interest and any penalties that apply.
The Canada Revenue Agency (CRA) investigation revealed that Mr. Parent voluntarily contravened the Income Tax Act by not declaring $230,370 in business income for the 2006 and 2007 tax years. To avoid paying his taxes, Mr. Parent deposited the undeclared project management fees in a personal bank account he held with his spouse. The bank statements and the invoices were not given to the company's accountant.
The above information was obtained from the court records.
The vast majority of Canadians pay their taxes in full and on time. The CRA has strong and effective programs to identify those who try to avoid paying 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 initiated by the CRA against them. These taxpayers may only have to pay the taxes owing, plus interest. More information on the Voluntary Disclosures Program (VDP) can be found on the CRA's website at www.cra.gc.ca/voluntarydisclosures.
Additional information on convictions can be found on the Media page of the CRA Web site at www.cra.gc.ca/convictions.
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