$4,000 Fine for Failing to File Personal and Corporate Tax Returns

COLLINGWOOD, ONTARIO--(Marketwired - Jan. 27, 2014) - The Canada Revenue Agency (CRA) announced today that on January 21, 2014, James Meridis, of Collingwood, Ontario, pleaded guilty in the Ontario Court of Justice in Collingwood, to four counts of failing to file personal and corporate tax returns. Meridis was fined a total of $4,000 and given 12 months to pay the fine. The Court also ordered Meridis to file the required tax returns by
April 21, 2014.

Meridis failed to file his 2003 personal income tax return. As director of 1701447 Ontario Inc. and 1326054 Ontario Inc., Meridis failed to file a 2006 corporate income tax return for the afore-mentioned corporations as well as a 2007 corporate income tax return for 1722753 Ontario Inc. The CRA made several requests for the missing returns before serving Meridis with notices demanding that the returns be filed. Failure to comply with these notices resulted in charges being laid.

The preceding information was obtained from the court records.

When individuals or corporations are convicted of failing to file tax returns, in addition to any fines imposed by the courts, they are still obligated to file the tax return and pay the full amount of taxes owing, plus interest, as well as any civil penalties that may be assessed by the CRA.

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.

Further information on convictions can be found in the Media Room on the CRA website at www.cra.gc.ca/convictions.