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Failing to file corporate tax returns leads to fine

Brampton, Ontario, January 10, 2014… The Canada Revenue Agency (CRA) announced today that on January 3, 2014, 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 the court records.

When taxpayers 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 outstanding tax returns and pay the full amount of taxes owing, plus interest, as well as any civil penalties that may be assessed by the CRA.

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 website at http://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.

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