Anmore, B.C., developer fined for tax evasion
Willi Isaak failed to report taxable corporate and personal income of $181,902
Real estate developer Willi Isaak has 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.
Isaak was the director and had a 50 per cent stake in Baarak United Enterprises, which acquired and subdivided the Anmore property.
A trial judge 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's personal bank account and were missing from the company's ledgers.
He also didn't remit GST/HST collected 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/HST evasion under the Excise Tax Act.