Benoît Cyr, an investment advisor from Saint-Georges-de-Beauce, was found guilty of tax fraud before the Court of Quebec, on Monday.

He was fined $270,847, which represents 100% of the income tax he tried to evade.

The Canada Revenue Agency (CRA) investigation revealed that, for the 1999 and 2000 taxation years, Cyr failed to report $1,045,633 in corporate taxes for his sales company and for the purchase of stocks.

Cyr used two distinctive fraudulent tax schemes. For 1999, he failed to report $658,482 from the acquisition and disposal of shares of the company Lumenon Innovative Lightwave Technology Inc. The investigation also revealed that, for the years 1999 and 2000, Cyr failed to report business income totalling $387,151 generated by stock transactions made in Gaétan Cloutier’s securities account.

Cyr must pay the full amount of taxes, all related interest, and any civil penalties that apply, as well as the fine imposed by the court.

“Tax evasion costs all of us,” said William Baker, commissioner of the CRA, in a release. “The job of our investigators and auditors is to make sure that all Canadians pay the tax they owe.”

IE