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Richmond business owner pleads guilty to tax evasion
A Richmond business owner has pleaded guilty to eight counts of failing to file personal and corporate income tax returns.
Terry Kin Keong Lai was fined $8,000, due by Nov. 15 and given until Jan. 31, 2014 to file the outstanding tax returns and statements, according to the Canada Revenue Agency.
Lai did not file a 2009 personal income tax return nor did he file the 2006 to 2010 corporate tax returns for Q-S Capital Inc. and Vez Capital Corporation, the 2007 to 2010 corporate income tax returns for Paragon Development Inc. and 0781995 B.C. Ltd., the 2008 to 2010 corporate income tax returns for 0820888 B.C. Ltd., and the 2009 and 2010 corporate income tax returns for Inspire Group Development Corporation.
Lai pleaded guilty in Richmond provincial court on Sept. 12.