CANADA Revenue Agency (CRA) announced on Wednesday that businessman Ajit Singh Gill pleaded guilty in Surrey Provincial Court on January 26 to failing to file the 2010 corporate income tax return for 0696563 B.C. LTD.
Gill was fined $1,000 and given two weeks to pay the fine. The outstanding return has since been filed.
The preceding information was obtained from the court records.
When taxpayers are convicted of failing to file tax returns, in addition to any fines imposed by the courts, they must still file the returns and pay the full amount of taxes owing, plus interest owed, as well as any civil penalties that may be assessed by the CRA.
If you have ever made a tax mistake or omission, the CRA is offering you a second chance to make things right through its Voluntary Disclosures Program (VDP). If you make a valid disclosure before you become aware that the CRA is taking action against you, you may only have to pay the taxes owing plus interest. More information on the VDP can be found on the CRA’s website at www.cra.gc.ca/voluntarydisclosures.