In a press release issued Wednesday afternoon, the Canada Revenue Agency said a 12-month investigation revealed that Ronald Thomas evaded $78,925 in personal income taxes for the 2005, 2006 and 2008 by understating his total business income earned by $307,930.
The investigation showed that Thomas didn’t report income on his T1 Income Tax Return from land sales from his construction and real estate development business. Thomas also failed to file $47,030 of HST for seven quarterly periods between Oct. 1, 2004 and Sept. 30, 2008.
In addition to the court-imposed fines, Thomas must also pay the outstanding amount of tax owing, plus interest and any civil penalties that may be assessed by the CRA.
