Newfoundland and Labrador businessman's tax scheme nets house arrest; heavy fine

The Canada Revenue Agency has issued a news release indicating that a Newfoundland and Labrador businessman and engineer has been fined more than $488,000 and sentenced to four months of house arrest after the individual was convicted on charges of tax evasion in St. John's Provincial Court.

A CRA investigation revealed that the individual deliberately hid income by incorporating his company and depositing income in offshore bank accounts in a "tax haven" jurisdictionand that he also failed to collect, remit, and file any GST/HST returns.

The news release serves as a reminder to Canadians of the potential for still penalties for tax avoidance and evasion schemes.

For more information, please see the CRA web site:
http://www.cra-arc.gc.ca/newsroom/convictions/nl/nl080304-e.html