The Canada Revenue Agency (CRA) has announced that James Harvey Cameron, from Calgary, was criminally convicted on March 28th of creating and operating a fraudulent RRSP scheme.
According to court documents, from 2002 to 2006, Cameron was the master-mind behind a fraudulent RRSP scheme through which he diverted $2.5 million of investors’ funds for his own use. He also failed to report the money as taxable income, evading federal taxes totalling $673,871.
The CRA considers these offenses serious, and the courts found Cameron guilty of tax evasion and fraud.
A date for a sentencing hearing has yet to be set, but is likely to take place between April 24 and May 12, 2017.
The CRA is encouraging victims of Cameron’s fraud who wish to appear at the sentencing hearing to seek restitution or make a victim impact statement to contact the Public Prosecution Service of Canada at 403-299-3978 by April 20th.
I have received confirmation from a senior official at the Canada Revenue Agency that the CRA is in fact actively investigating individuals suspected of being involved in the recent offshore account problem overseas. Thus far, no one has been named publicly and my source at the CRA has confirmed that each person contact thus far has willingly come forward to pay amounts owing in full and that the number of people thus far targeted by the CRA totals less than 100.
The list remains private because the CRA does not want to tip-off those involved that they are coming for them, nor do they want to admit that they are severely short of qualified staff needed to make arrangements with these taxpayers and their numerous numbers of representatives.
The CRA suspects that the list is available elsewhere and that it might be coming to light sooner than many wish which could hurt the CRA and will certainly shame those involved.
The CRA will certainly be looking for additional offshore funds with speculation abound that there will be incentives down the road for taxpayers and financial organizations to disclose to the CRA situations where an individual or organization is placing it’s assets out of the reach of the CRA for tax evasion purposes.