Brampton resident fined $4,000 for failing to file corporate tax returns

Brampton, Ontario, October 21, 2011 … The Canada Revenue Agency (CRA) announced today that Veronika Topic, of Brampton, Ontario, pleaded guilty in the Ontario Court of Justice in Brampton to four counts of failing to file corporate Income Tax Returns. She was fined $1,000 per count for a total of $4,000. Ms. Topic was given six months to pay the fine.

Ms. Topic, the sole director of Cro-Can Transatlantic Inc., failed to file corporate Income Tax Returns for the 2006 to 2009 taxation years. The CRA made several requests for the missing returns before serving Ms. Topic with notices demanding that the returns be filed. Failure to comply with these notices resulted in charges being laid. The outstanding returns have since been filed.

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 return and pay the full amount of taxes owing, plus interest, as well as any civil penalties that may be assessed by the 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 also be found in the Media Room on the CRA website at www.cra.gc.ca/convictions.

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