Markham
August 29, 2008 03:34 PM
By: Joe Fantauzzi, Staff Writer
A Markham man was fined $50,000 after pleading guilty to tax evasion in a Newmarket court Monday.
George Jupp, 40, the owner/operator of The Blind Guys and Capital Property Management and a self-employed real estate agent under-reported his income by $260,486 in the 2000, 2001 and 2002 tax years, the Canada Revenue Agency said Friday.
A revenue agency probe revealed Mr. Jupp also under-reported taxable GST sales for his three businesses during the same period.
As a result, Mr. Jupp tried to evade paying $61,648 in federal income taxes and did not remit $19,057 in GST, according to the Canada Revenue Agency.
Mr. Jupp pleaded guilty to three counts of income tax and GST evasion.
The fine is in addition to any taxes and interest owed.
“The overwhelming majority of Canadians pay their taxes in full and on time,” William Baker, commissioner of the Canada Revenue Agency, said in a statement. “In fairness to them, the Canada Revenue Agency makes sure that people who try to avoid paying taxes are held to account.”
When people or corporations are convicted of tax evasion, they have to pay the full amount of tax owing, plus interest and any penalties the Canada Revenue Agency assesses, according to the tax agency.
In cases of gross negligence, the Income Tax Act and Excise Tax Act allows the Canada Revenue Agency to assess a penalty of up to 50 per cent of the unpaid tax or the improperly claimed benefit.
In addition, the court may, upon conviction, fine them 50 per cent to 200 per cent of the tax evaded and sentence them to a jail term of up to two years.
If you have not filed returns for previous years or not reported all of your income, you can voluntarily correct your file.
You will not be penalized or prosecuted if you make a full disclosure before tax authorities begin action against you, according to the Canada Revenue Agency.