Anmore, B.C., developer fined for tax evasion

Real estate developerWilli Isaakhas been fined $23,100 for failing to report taxable income related to a 20-acre land parcel in Anmore, B.C., a village municipality in Greater Vancouver.

Isaakwas the director and had a 50per cent stake in Baarak United Enterprises, which acquired and subdivided the Anmore property.

A trialjudge ruled that Isaak evaded paying taxes by not reporting taxable corporate and personal income of$181,902 for 2009 and 2010.

The Canada Revenue Agency said in a news release that bank and accounting records showed client payments and a BC Hydro refund linked to the development were deposited into Isaak'spersonal bank account and were missing from the company's ledgers.

He also didn't remit GST/HSTcollected from operating the business for the two-year period.

Isaak was found guilty on two counts of tax evasion, one count of making false statements under the Income Tax Act and one count of GST/HSTevasion under the Excise Tax Act.