Failing to File Corporate Tax Returns Leads to Fine

BRAMPTON, ONTARIO--(Marketwired - Jan. 10, 2014) - Canada Revenue Agency

Albert Ayoub of Toronto, Ontario, pleaded guilty in the Ontario Court of Justice in Brampton, to one count of failing to file the 2008 corporate income tax return for By Kennedy Flooring Inc. and one count of failing to file the 2006 corporate income tax return for Libanco By Kennedy Flooring Inc. He was fined a total of $6,000 and given 24 months to pay the fine. All outstanding returns have since been filed.

The preceding information was obtained from court records.

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 Web site at www.cra.gc.ca/voluntarydisclosures.

Quick Facts

• Albert Ayoub of Toronto, ON appeared in Brampton Provincial Court on January 03, 2014.
  
  
• He pleaded guilty to one count of failing to file the 2008 corporate income tax return for By Kennedy Flooring Inc. and one count of failing to file the 2006 corporate income tax return for Libanco By Kennedy Flooring Inc.
  
  
• Mr. Ayoub was fined $6000 and given 24 months to pay the fine.
  
  
• The outstanding returns have been filed.
  
  

Associated Links

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

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