Owner of Thunder Bay masonry business fined for tax evasion
Joseph Kolic of Thunder Bay, pleaded guilty on February 17, 2009 on two counts of tax evasion in the Ontario Court of Justice in Thunder Bay. He was fined $24,449 which is 100% of the taxes that he attempted to evade. Mr. Kolic also had to pay civil reassessments amounting to $76,559 for federal taxes, provincial taxes, GST, penalties and interest.
Mr. Kolic operates Joe Kolic Masonry and failed to report business income in the amount of $74,230 on his personal return and his GST returns. The total tax evaded was $19,300 in personal tax and $5,149 in GST. The CRA investigation revealed that the unreported business income was deposited into the personal bank account. If Mr. Kolic would have decided to come clean; he could have applied under the voluntary disclosure program and he would not have been penalized or prosecuted. He would only have owed the income taxes, GST and interest.
