A Morinville commercial painter is facing a substantial fine for failing to accurately report income six years ago.
Anthony Banks, owner of Anthony’s Painting, was fined $14,096 by the Canada Revenue Agency recently – as sum that represents half of the tax and GST he evaded.
An audit for the 2006 and 2007 taxation years found Banks failed to report $85,833 of income and failed to remit $6,686 of GST for his contracting business.
Information obtained by a court order, which was not turned over to the auditor during the audit, found bank deposits were higher that what was claimed as income.
Randy Westerman, spokesperson for the Canada Revenue Agency, said people are charged and fined for tax evasion “fairly often.”
Individuals convicted of tax and GST evasion must repay the full amount owing, in addition to interest and civil penalties. The court may fine up to double the amount evaded and sentence individuals to up to five years in jail.
