Canada Revenue Agency - Toronto Tax Services Office

Canada Revenue Agency - Toronto Tax Services Office

November 18, 2005 12:16 ET

Canada Revenue Agency: Construction Company Fined $67,870 for Tax Evasion

TORONTO, ONTARIO--(CCNMatthews - Nov. 18, 2005) - A Toronto construction company was fined $67,870 today in Ontario Court of Justice after pleading guilty to one count of income tax evasion. The fine represents 100% of the federal income taxes the company tried to evade.

C L Masonry is a construction company providing masonry services to residential construction companies in the Toronto area. It did not report $375,387 of income earned from construction projects on its 2002 corporate income tax return. A Canada Revenue Agency (CRA) investigation revealed that a portion of the company's revenues were deposited into a secondary business bank account, and were not recorded in the company's books and records.

Individuals or corporations convicted of tax evasion, still have to pay the full amount of tax owing, plus interest, and any penalties the CRA assesses. In addition, the court may fine them up to 200% of the tax evaded and sentence them to a two-year jail term. The CRA may also assess a penalty of up to 50% of the tax they tried to evade.

Contact Information

  • Canada Revenue Agency
    Peter Delis
    Communications
    (416) 512-4135