RICHMOND, BC, Dec. 23,
2024 /CNW/ - The Canada Revenue Agency (CRA)
announced today that Balkar Bhullar
of Richmond, British Columbia, was
sentenced on December 19, 2024, in
the Provincial Court of British
Columbia (Robson Square), to
a conditional sentence order of two years less a day and was fined
a total of $2,153,394. Bhullar
pleaded guilty on August 3, 2023, to
one count of tax evasion under the Income Tax Act.
A CRA investigation revealed that Bhullar failed to report
$7,485,246 in taxable income on his
individual income tax returns for the years 2011, 2012, and 2014.
Bhullar failed to report income from the assignment fees earned
from flipping 14 properties between January
1, 2011, to December 31, 2014,
thereby evading $2,153,394 in federal
Income taxes.
All case-specific information above was obtained from the court
records.
Over the years, the CRA has made significant progress in
uncovering and addressing emerging areas of non-compliance through
various enforcement actions in the real estate sector. Learn more
on how the CRA addresses non-compliance in the real estate
sector.
In addition to the court imposed fines and/or jail sentences,
convicted taxpayers have to pay the full amount of tax owing, plus
related interest and any penalties assessed by the CRA.
The CRA is dedicated to maintaining the integrity of
Canada's tax system, thereby
contributing to the social and economic well-being of Canadians.
The CRA continues to aggressively pursue tax evasion, and false
claims with all the tools available to it. The CRA works to make
sure that individuals and businesses report all income earned and
only claim benefits to which they are entitled, so that important
benefit programs can be administered to those who need them. Any
individual or business who underreports income, or claims losses or
benefits to which they are not entitled may have to repay the
benefit amounts and may be subject to other possible action.
The CRA has set up a free subscription service to help Canadians
stay current on the CRA's enforcement efforts.
Associated links
Reporting suspected tax or benefit cheating in Canada
Voluntary Disclosures Program
Contacts:
Media Relations
Canada Revenue Agency
613-948-8366
cra-arc.media@cra-arc.gc.ca
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SOURCE Canada Revenue Agency
