Calgary resident Derek Kwasney, former Chief Financial Officer of the Lake Louise Ski Resort Area Ltd. (LLSR), has been sentenced to 12 months in jail and fined $106,000 for tax evasion, following a Canada Revenue Agency (CRA) investigation. Kwasney, who pleaded guilty on September 26, was sentenced on Tuesday by the Alberta Court of Justice.The CRA investigation found that Kwasney misappropriated over $350,000 from LLSR in 2015 and 2016 and failed to report the stolen funds as taxable income on his T1 Individual Tax Returns. By understating his income, he evaded more than $100,000 in federal income tax.He worked as the resort's CFO from Nov. 2008 to Aug. 2016 In addition to the fine and jail sentence, Kwasney is required to repay the full amount of tax owed, plus any applicable interest and penalties. The CRA warns that tax evasion, which includes falsifying records, concealing income, and inflating expenses, is a criminal offence that can lead to significant fines, jail time, and a criminal record.The CRA reported that, between April 1, 2019, and March 31, 2024, 135 taxpayers were convicted of evading federal taxes totaling over $44 million. These convictions have resulted in more than $25 million in fines and 108 years of combined jail time.The CRA emphasized its commitment to upholding Canada’s tax system and warned that individuals or businesses who underreport income or make false claims may face legal action, including potential repayment of misclaimed benefits. The agency highlighted that accurate tax reporting is essential for funding benefit programs that serve Canadians in need.
Calgary resident Derek Kwasney, former Chief Financial Officer of the Lake Louise Ski Resort Area Ltd. (LLSR), has been sentenced to 12 months in jail and fined $106,000 for tax evasion, following a Canada Revenue Agency (CRA) investigation. Kwasney, who pleaded guilty on September 26, was sentenced on Tuesday by the Alberta Court of Justice.The CRA investigation found that Kwasney misappropriated over $350,000 from LLSR in 2015 and 2016 and failed to report the stolen funds as taxable income on his T1 Individual Tax Returns. By understating his income, he evaded more than $100,000 in federal income tax.He worked as the resort's CFO from Nov. 2008 to Aug. 2016 In addition to the fine and jail sentence, Kwasney is required to repay the full amount of tax owed, plus any applicable interest and penalties. The CRA warns that tax evasion, which includes falsifying records, concealing income, and inflating expenses, is a criminal offence that can lead to significant fines, jail time, and a criminal record.The CRA reported that, between April 1, 2019, and March 31, 2024, 135 taxpayers were convicted of evading federal taxes totaling over $44 million. These convictions have resulted in more than $25 million in fines and 108 years of combined jail time.The CRA emphasized its commitment to upholding Canada’s tax system and warned that individuals or businesses who underreport income or make false claims may face legal action, including potential repayment of misclaimed benefits. The agency highlighted that accurate tax reporting is essential for funding benefit programs that serve Canadians in need.
