$5,000 Fine for Failing to File Corporate Tax Returns

SAULT STE. MARIE, ONTARIO--(Marketwired - May 31, 2013) - The Canada Revenue Agency (CRA) announced today that on May 27, 2013, Yvon Champagne of Sault Ste. Marie, Ontario, pleaded guilty in the Ontario Court of Justice in Sault Ste. Marie, to a total of five counts of failing to file corporate tax returns. He was fined $5,000.

Champagne, as the director of Mid-Canada Construction Corp., 1187839 Ontario Limited and 1644365 Ontario Inc., failed to file corporate income tax returns, for the 2008 taxation year, for all three corporations. He also failed to file corporate income tax returns on behalf of 1704762 Ontario Inc. for 2007 and 2008. He was fined $1,000 per count and given 12 months to pay the fine.

The preceding information was obtained from the court records.

When taxpayers 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 outstanding tax returns 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 also be found in the Media Room on the CRA website at www.cra.gc.ca/convictions