Personal Finance

Locked: Potentially in trouble with the CRA

  • Last Updated:
  • May 19th, 2019 10:02 pm
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[OP]
Penalty Box
Jul 28, 2010
648 posts
50 upvotes

Potentially in trouble with the CRA

Hi guys I’ve been losing sleep over this and I hope you can help me put this issue to rest

Around October 2018 I found two queen Elizabeth bills ($20 x 2) and pocketed them. I went to the local police station to report the missing funds and filed a report but nobody collected the money.

At approximately 1:40pm on Saturday November 4th I deposited the money via teller at my local RBC. My palms were sweaty and my heart was racing. I expected the teller to question where this cash came from but no such conversation took place


Here’s the thing, I never declared this money on my income taxes, I completely forgot


Will I be fined, can I get a criminal record for this? I’m planning to turn myself in to the CRA soon but I’d like to know what kind of hell awaits me
They sicken of the calm, who knew the storm
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11 replies
Deal Addict
Oct 6, 2015
2005 posts
1076 upvotes
Yup, Canada has the death penalty for that offence.

Better make up your will, and notify your next of kin that you will never see the light of day again.

May God Bless Your Soul.
Member
Jul 25, 2008
375 posts
252 upvotes
ottawa
Just amend your tax return, no harm, no foul.

Nothing to lose sleep over.
Deal Addict
Jan 30, 2012
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TORONTO
IBTL!
[OP]
Penalty Box
Jul 28, 2010
648 posts
50 upvotes
danishh wrote:
May 19th, 2019 6:59 pm
Just amend your tax return, no harm, no foul.

Nothing to lose sleep over.
I don’t want to go to jail. I have my passport, I could leave before they arrest me
They sicken of the calm, who knew the storm
Deal Addict
User avatar
Mar 9, 2012
2459 posts
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Kitchener
laptopuser wrote:
May 19th, 2019 7:02 pm
I don’t want to go to jail. I have my passport, I could leave before they arrest me
It's only a summary conviction, not an indictable conviction, so no jail time. Your can ask for your criminal record to be suspended after 5 years. Penalty with the CRA would usually be double the tax rate + interest. So probably no more than $22 or so.
How can we fly like eagles, when we're governed by Turkeys?
Deal Fanatic
User avatar
Nov 19, 2004
8586 posts
1621 upvotes
Cambridge, ON
laptopuser wrote:
May 19th, 2019 7:02 pm
I don’t want to go to jail. I have my passport, I could leave before they arrest me
Being a long weekend you have an extra day to escape before the CRA is back to work. You never know what day they will catch the error and come after you.
Sr. Member
User avatar
Dec 24, 2007
882 posts
803 upvotes
BC
laptopuser wrote:
May 19th, 2019 6:52 pm
Will I be fined, can I get a criminal record for this? I’m planning to turn myself in to the CRA soon but I’d like to know what kind of hell awaits me
Someone too bored on a long weekend?

If finding money on the street was a crime lots of street people would be in jail.
Deal Guru
User avatar
Mar 9, 2007
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Think of the Childre…
RCMP is watching you!

WOULD SOMEBODY THINK OF THE CHILDREN!!!
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Feb 10, 2010
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Ajax, ON
Trolling thread of the year...Trophy
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Dec 20, 2018
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You getting an all inclusive vacation from the US to Cuba as this fits definition of funding terrorist activities
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May 8, 2009
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M8Rxmjsik wrote:
May 19th, 2019 7:00 pm
IBTL!
#metoo!!!

@laptopuser I suspect you posted this because you're genuinely asking the question...
  1. in Canada, prize money isn't taxed. Win at the casino? No tax on that. But, we don't get to write off lottery ticket purchases. Basically, that $40 was like a prize, so no tax.
  2. Insignificant amount. Heck, many FI's won't issue a T5 If you earned <$50
  3. You weren't on the clock, and it wasn't a dividends payout on interest, either. There's nothing tied to your SIN that you made any effort to "earn" this money
  4. From a legal vantage point, see #2. Cops won't make any effort for $40. I mean, imagine all the dirty fingerprints on those notes? Heck, there might be traces of street side pharmaceuticals on those notes, too. Trying to do fingerprint testing on those notes will probably not get you anywhere unless each person who ever touched those notes have given their DNA to Ancestry, 23 and me, etc. but even that's a longshot. This was certainly not briefcases of Ben Franklin's...just a couple Lizzie 2's...
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