Canada Customs and Revenue Agency has announced the Sudbury company BPX Cadillac Courier has been fined just over $91,000 after pleading guilty to evading federal income tax. It was determined in court in Sudbury that sole shareholder, Randy Russell, failed to report taxable income for 1995, 1996 and 1997 tax years, thus avoiding paying taxes of $85,000.
An investigation revealed some of the schemes used by Russell to understate income included claiming personal living expenses as operating expenses, understating accounts receivable and failing to record some income in his books and records for the corporation.
Individual organizations that have not reported all their income or have claimed fraudulents refunds can still voluntarily correct their tax affairs. The CCRA doesn?t penalize or prosecute if a full disclosure is made before it starts any investigation.
