Mississauga Resident Fined $15,000 for Failing to File Tax Returns

BRAMPTON, ONTARIO--(Marketwire - Oct. 27, 2011) - The Canada Revenue Agency (CRA) announced today that Timothy Toole of Mississauga, Ontario, pleaded guilty on October 25, 2011 in the Ontario Court of Justice in Brampton to eight counts of failing to file personal income tax returns, and seven counts of failing to file goods and services (GST) tax returns. He was fined $1,000 per count, for a total of $15,000. Mr. Toole was given one year to pay the fine.

Mr. Toole failed to file personal income tax returns for the years 2001 to 2008. Additionally, as Director of Deaconwood Management Inc., a property management company, he failed to file GST tax returns for two periods from July 1, 2002 to December 31, 2002 and one period from April 1, 2009, to June 30, 2009. In addition, Mr. Toole was issued 11 compliance orders to file the tax returns on or before December 15, 2011.

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 returns and pay the full amount of taxes owing, plus interest, as well as any civil penalties that may be assessed by the Canada Revenue Agency (CRA).

Individuals 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 will not be penalized or prosecuted if they make a valid disclosure before they become aware of any compliance action being initiated by the Canada Revenue Agency (CRA) against them. These individuals 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.