What are the consequences of tax evasion?

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Tax evasion is a crime. Whether you’re cheating on your taxes here in Canada or hiding assets or money in foreign jurisdictions, the consequences are severe.

What are the consequences of tax evasion?

Tax evasion is a crime. Whether you’re cheating on your taxes here in Canada or hiding assets or money in foreign jurisdictions, the consequences are severe. Tax evasion has a financial cost. Being convicted of tax evasion can also lead to fingerprinting, court-imposed fines, jail time, and a criminal record.

When taxpayers are convicted of tax evasion, they must still repay the total amount of taxes owing, plus interest and any civil penalties assessed by the CRA. In addition, the courts may fine them up to 200% of the taxes evaded and impose a jail term of up to five years.