Barrie, Ontario, February 6, 2012…The Canada Revenue Agency (CRA) announced today that on February 1, 2012, Yvonne Masters of Innisfil, pleaded guilty in the Ontario Court of Justice in Barrie, to one count of failing to file a corporate income tax return. She was fined $2,000 and given 90 days to pay the fine. The court fines are in addition to any taxes and interest owed, as well as any civil penalties that may be assessed.
Masters, the sole director of 1569283 Ontario Ltd., failed to file the corporate income tax return for the 2009 taxation year. The CRA made several requests for the missing return before serving Masters with notices demanding that the return be filed. Failure to comply with these notices resulted in charges being laid.
The preceding information was obtained from the court records.
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 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.