Former exec at Lake Louise Ski Resort sentenced for not paying taxes on embezzled funds
Skiers at Lake Louise Ski Resort in Lake Louise, Alta., Saturday, Nov. 24, 2018. THE CANADIAN PRESS/Jeff McIntosh
The Canada Revenue Agency (CRA) says a Calgary man, who served as an executive at a prominent Alberta ski resort, has been sentenced for not paying taxes on more than $350,000 he stole from his employer.
Derek Kwasney, the former controller and chief financial officer of the Lake Louise Ski Resort Area Ltd. (LLSR), pled guilty on Sept. 26 to willfully evading payment on taxes by understating his income on his personal tax return.
On Nov. 12, the CRA said Kwasney was sentenced to 12 months in jail and fined $106,000 by the Alberta Court of Justice.
In a news release, the CRA said an investigation found Kwasney embezzled approximately $350,000 from LLSR in 2015 and 2016.
"Kwasney failed to report the misappropriated funds as part of his taxable income for the 2015 and 2016 taxation years, thereby evading more than $100,000 in federal income tax," the CRA said.
In addition to the above fine, Kwasney will also be required to pay the full amount of tax owing, plus related interest and any penalties, to the CRA.
"Tax evasion is a crime. Falsifying records and claims, wilfully not reporting income, or inflating expenses can lead to criminal charges, prosecution, court-imposed fines, jail time and a criminal record," the CRA said.
LLSR, in a statement to CTV News on Friday, said it is "satisfied with both the court's and CRA's decisions on the matter."
"The resort has moved on and is looking forward to a great season," a spokesperson said.
The CRA said that between April 1, 2019, and March 31 of this year, 135 taxpayers were convicted for evading payment of more than $44 million in federal taxes.
Convictions resulted in sentences of $25.1 million in fines and more than 108 years in jail.
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