Richmond Hill Resident Fined for False Business Losses

NEWMARKET, ONTARIO--(Marketwired - April 17, 2015) - The Canada Revenue Agency announced that on April 14, 2015, John (Giovanni) Di Mauro of Richmond Hill, Ontario, pleaded guilty in the Ontario Court of Justice in Newmarket to one count of attempting to obtain income tax refunds to which he was not entitled under the Income Tax Act. Di Mauro was fined $89,323 and was given one year to pay the fine.

A CRA investigation revealed that Di Mauro reported false business losses totalling $513,344 on his personal income tax returns for 2006, 2007 and 2008. As a result Di Mauro attempted to claim income tax refunds totalling $178,646. The CRA did not issue any refunds.

The preceding information was obtained from the court records.

"Canadians have to be confident that the tax system is fair," said Vince Pranjivan, Assistant Commissioner of the Ontario Region. "That's why the Agency works to ensure that the vast majority of Canadians who pay their taxes are not penalized by the few who don't."

If you have ever made a tax mistake or omission, the CRA is offering you a second chance to make things right through its Voluntary Disclosures Program (VDP). If you make a valid disclosure before you become aware that the CRA is taking action against you, you may only have to pay the taxes owing plus interest. More information on the 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.