Enforcement Notification - Over $2 million in fines and a conditional sentence for a Richmond man convicted of tax evasion in the real estate industry
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