On Air Now

John Tesh

7:00pm - 1:00am

  • 519-537-1047

Now Playing

HOZIER

TOO SWEET

Download
Listen Live Listen Live HD2

McClay Group Ltd. of Ingersoll Hit With a Hefty Fine

Friday, 1 February 2019 at 11:18

The McClay Group LTD. of Ingersoll are facing a $213,000 fine from the CRA for making false or deceptive claims on their income tax returns.

INGERSOLL - The Canada Revenue Agency has slapped a hefty fine against the McClay Group Ltd of Ingersoll. 

McClay pleaded guilty to making false or deceptive statements on their income tax and Goods and Services Tax/Harmonized Sales Tax on Wednesday. The fine totals $213,564 and McClay will also have to pay the full amount of tax owing, plus related interest and any penalties assessed by the CRA. 

The CRA investigation revealed that the transportation company underreported taxable income totalling $1,314,104 on its corporate income tax returns for 2011,2012 and 2013 resulting in unpaid federal income tax totalling $192,233. McClay used three schemes to underreport its corporate income and reduce taxes payable: it did not record $625,809 of trucking revenue in its books and records; a total of $539,795 of non-business personal expenses and personal credit card expenditures were reported as business expenses in McClay 's books and records; and McClay claimed $148,500 of false expenses.

The CRA press release states that tax evasion is a crime. Falsification of records and claims, wilfully not reporting income, or inflating expenses can lead to criminal charges, prosecution, jail time, and a criminal record. Those who do not fully comply with tax laws place an unfair burden on law-abiding taxpayers and businesses and jeopardize the integrity of Canada's tax base. From April 1, 2013, to March 31, 2018, the courts convicted 307 taxpayers for tax evasion of $134 million in federal tax. These convictions resulted in sentences totalling approximately $37 million in court fines and 2,949 months (246 years) in jail.

Heart FM did reach out to the McClay's for comment. 

Share

More from Local News

Comments

Add a comment

Log in to the club or enter your details below.
Rating *

Weather

Recently Played

© Copyright 2026 104.7 Heart FM (CIHR-FM) is owned and operated by Byrnes Communications Inc.. Powered by Aiir.