Mark Feldstein & Associates

No problem, but if so, there are some important things you need to know. Cash payments must be reported on your annual income tax return. They are also subject to GST/HST. Failure to report cash payments is tax evasion.

For example, if you fail to report all income earned, cash or otherwise, fail to report and remit GST/HST, fail to file T5018 returns for sub-contractors, file as self-employed when you are an employee or claim personal expenditures on your business tax return … there can be serious consequences. You could be subject to heavy fines, lose your assets, go to jail or all of the above

Canada Revenue Agency (CRA) uses a variety of sophisticated tools and tactics to enforce tax compliance, including:

• information from external sources
• co-operation with workers’ compensation boards and other agencies
• business and lifestyle audits
• investigating complaints by citizens

Paying your taxes is the law. Paying your taxes is also simpler than dealing with the consequences. It may feel overwhelming if you have fallen behind, but Mark Feldstein & Associates can help you set the record straight.

You may even qualify for penalty and/or prosecution relief under the CRA’s Voluntary Disclosures Program (VDP). For more information on the VDP contact Mark Feldstein & Associates. We specialize in taxation and accounting for Tax Amnesty.

Mark Feldstein Corporate Taxes Tax Evasion

William Joseph McCarvell, a real estate agent in London, was fined a total of $16,000 after pleading guilty to 16 charges of failing to file personal and corporate tax returns by the required due dates.

McCarvell operated under the name Bill McCarvell Realty Inc. In June 2009, he was fined $8,000 for not filing his 2003 to 2006 personal income tax returns, as well as the 2001 to 2004 corporate returns. He was ordered him to file these eight outstanding returns with the Canada Revenue Agency (CRA) by September 30, 2009.

In November 2009, McCarvell pleaded guilty to not filing his 1999 to 2002 personal tax returns, as well as corporate tax returns for 1999, 2000, 2005 and 2006. He was fined an additional $8,000. A new compliance order required McCarvell to file these additional eight returns by February 1, 2010.

When convicted, in addition to court imposed fines, individuals or corporations are still obligated to file the tax return(s) and pay the full amount of taxes owing, plus interest, as well as any penalties assessed by the CRA.

If you have not filed returns, or have not reported all income, you may qualify for penalty and/or prosecution relief under the CRA’s Voluntary Disclosures Program (VDP) subject to certain conditions. One condition is that you must apply and make full disclosure before the Agency starts any action or investigation.

For more information on the Voluntary Disclosures Program contact Mark Feldstein & Associates. We specialize in taxation and accounting for Tax Amnesty. We can help.

Mark Feldstein Corporate Taxes, Personal Taxes criminal charges, Tax Evasion

Robert Sproats, of Brampton, pled guilty in October 2009 to two counts of failing to file tax returns. He was fined $2,000. A Canada Revenue Agency (CRA) investigation showed that Sproats failed to file his 2007 personal income tax return and as Director of Deborah Thomson School of Dance & Fitness Inc., failed to file the company’s 2007 corporate tax return.

Anyone who does not file a personal, corporate, or GST/HST return as required is guilty of an offence. On conviction, they are subject to a fine of between $1,000 and $25,000, or both the fine and imprisonment for up to 12 months, for each count. CRA says that 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 penalties assessed by the CRA.

Individuals who have not filed returns, or who have not reported all their income, may qualify for penalty relief under the Voluntary Disclosures Program (VDP). “They will not be penalized or prosecuted if they make a full disclosure before the Agency starts any action or investigation against them,” says CRA in a news release. “These individuals may only have to pay the taxes owing, plus interest.”

For information on the Voluntary Disclosures Program contact us and learn how Mark Feldstein & Associates can help you correct your tax affairs.

Mark Feldstein Corporate Taxes, Personal Taxes Tax Evasion, tax penalties

Joseph Cirillo, of Niagara Falls, pled guilty in October 2009 to seven counts of failing to file corporate income tax returns. He was fined $1,000 for each count. A CRA investigation showed that Cirillo failed to file corporate tax returns as the director of Done-Rite Paving Co Ltd and as the director of 1602013 Ontario Inc.

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 Canada.

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 full disclosure before the Agency starts any action or investigation against them. These individuals may only have to pay the taxes owing, plus interest.

For information on the Voluntary Disclosures Program contact us and learn how Mark Feldstein & Associates can help you correct your tax affairs.

Mark Feldstein Corporate Taxes criminal charges, Tax Evasion