A Sudbury-area company has been fined $160,000 after pleading guilty to one count of tax evasion in the Ontario Court of Justice in Sudbury on July 28.
Operating as Walden Welding in Copper Cliff, 979055 Ontario Limited provides welding, fabrication and installation services. Its shares are split evenly between Marlon and Judith Adams.
An investigation by the CRA revealed that personal expenditures by the pair were claimed as business expenses. These include renovation work for their home and cottage, personal trips, and other large personal purchases.
Taxable income for the corporation was under-reported by $483,182 between 2004 and 2007, leading to the evasion of $80,517 in federal taxes.
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