Canada Revenue Agency - Toronto Tax Services Office

Canada Revenue Agency - Toronto Tax Services Office

October 23, 2006 15:10 ET

Real Estate Agent Fined $12,000 for Tax Evasion

TORONTO, ONTARIO--(CCNMatthews - Oct. 23, 2006) - Antonio Bruno of Toronto, Ontario, was fined $12,000 in the Ontario Court of Justice in Toronto today. He pleaded guilty to tax evasion on April 25, 2006.

A Canada Revenue Agency (CRA) investigation revealed that Mr. Bruno failed to report real estate commission income totalling $257,000 that he earned from 2001 to 2003. By not filing income tax returns for those years, Mr. Bruno tried to evade paying income taxes on $111,000 of taxable income. The court heard that Mr. Bruno filed his tax returns only when he became aware that he was the subject of an investigation by the CRA.

When individuals or corporations are convicted of tax evasion, they have to pay the full amount of tax owing, plus interest, and any penalties the CRA assesses. In addition, the court may, on summary conviction, fine them up to 200% of the tax evaded and sentence them to a two-year jail term. Under the Income Tax Act and Excise Tax Act, the CRA may also assess a penalty of up to 50% of the tax evaded or the benefit improperly claimed.

The information in this news release was obtained from the court records.

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

Contact Information

  • Canada Revenue Agency
    Peter Delis
    (416) 512-4135
    Website: www.cra.gc.ca