The Canada Revenue Agency issued a news release on Tuesday, Feb. 25 relating to an Upper Island Cove man who was fined in provincial court in Harbour Grace.
According to the release, Carl V. Barrett entered guilty pleas to two counts of failing to file his 2009 and 2010 individual income tax returns during a court appearance.
He was fined $2,000 and given 90 days to pay the fine. The outstanding return must be filed with the Canada Revenue Agency (CRA) within seven days.
The release stated that taxpayers who have not filed returns for previous years, or who have not reported all of their income, can still voluntarily correct their tax affairs.
“They may not be penalized or prosecuted if they make a valid disclosure before they become aware of any compliance action being initiated by the CRA against them,” the release stated.
“These taxpayers may only have to pay the taxes owing, plus interest.”
More information on the Voluntary Disclosures Program (VDP) can be found on the CRA's Web site at www.cra.gc.ca/voluntarydisclosures.