Consequences of committing a financial crime
Results as of March 31, 2022 (Fiscal year 2021-22)
Whether you’re cheating on your taxes, or hiding assets or money in foreign jurisdictions, the consequences are serious.
When convicted of tax evasion:
- you must still pay the full amount of taxes owing, plus interest and any civil penalties assessed by the CRA
- you may be fined up to 200% of the taxes evaded
- you may be imposed a jail term of up to five years
Being convicted of tax fraud carries a sentence of up to 14 years in prison.
Other consequences include fingerprinting and foreign-travel restrictions.