A former Winnipeg tax preparer was fined more than $13,000 for failing to make "full disclosure" to the Canada Revenue Agency by creating a false loss for a client's lingerie business.
Lucia Au was recently found guilty in Manitoba provincial court of falsifying a federal income tax return, the agency said.
Au, acting as a tax preparer, concocted a scheme to file a fictitious business statement on a client's personal income tax return.
Court heard Au invented the scheme for a Winnipeg lingerie boutique owner who had withdrawn $85,000 from a Registered Retirement Savings Plan (RRSP) to finance a new product line.
Au fabricated a "Statement of Business Activities" for her client, reporting an $85,000 business loss for the 2000 tax year. This helped the client to avoid paying more than $22,000 in taxes owing on the RRSP withdrawal.
CRA reported the conviction Monday while advising Canadians who have not made full disclosure of their incomes — or who want to voluntarily correct their tax affairs — that it's not too late.
"They will not be penalized or prosecuted if they make a full disclosure before the agency starts any action or investigation against them," the agency said in a news release.
Anyone who hasn't been entirely honest but who confesses as much to the agency will have to pay any taxes owing, it said.
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