THE Canada Revenue Agency (CRA) announced that Balkar Bhullar of Richmond, B.C., was sentenced on December 19 in the Provincial Court of British Columbia (Robson Square) to a conditional sentence order of two years less a day and was fined a total of $2,153,394.
Bhullar pleaded guilty on August 3, 2023, to one count of tax evasion under the Income Tax Act.
A CRA investigation revealed that Bhullar failed to report $7,485,246 in taxable income on his individual income tax returns for the years 2011, 2012, and 2014. Bhullar failed to report income from the assignment fees earned from flipping 14 properties between January 1, 2011, to December 31, 2014, thereby evading $2,153,394 in federal Income taxes.
All case-specific information above was obtained from the court records, the CRA said.
The CRA said that over the years it has made significant progress in uncovering and addressing emerging areas of non-compliance through various enforcement actions in the real estate sector. (Learn more on how the CRA addresses non-compliance in the real estate sector.)
In addition to the court imposed fines and/or jail sentences, convicted taxpayers have to pay the full amount of tax owing, plus related interest and any penalties assessed by the CRA.
