Bankrupt Banker: Corewest Forming Ltd

Heather Taylor pleaded guilty to one count of fraud in British Columbia provincial court for an amount totalling $3,197,795

Heather Taylor pleaded guilty to one count of fraud in British Columbia provincial court for an amount totalling $3,197,795, which included $2,801,028 for payroll source deductions that weren't remitted to the government and a further $396,767 in GST.An agreed statement of facts showed that Taylor and her husband, James Taylor, financed a lavish lifestyle, withdrawing more than $1.7 million from their companies from 2000 to 2003 while claiming modest incomes. BETWEEN MAY, 2000 AND APRIL 2003, THE COUPLE SPENT: $248,208 on miscellaneous items. $227,490 on travel. $168,127 on home furnishings and house wares. $142,500 for the rental of an 8,000-square-foot (743 square metre) oceanfront house in West Vancouver with an indoor swimming pool. $117,630 on restaurant meals. $100,889 on clothing, accessories and jewelry. $28,111 on wine. $36,200 for a nanny/housekeeper. For two of those years, the couple each claimed incomes under $35,000, and during the other two years they didn't file personal tax returns. In 2000, Heather Taylor reported total income of $17,800, and in 2001, income of $31,200. Her husband, who claimed he made support payments of $16,800 relating to a previous relationship during both those years, reported a total income after that was deducted of $30,000 in 2000 and $31,900 in 2001. A Canada Revenue Agency (CRA) investigation found that Heather Taylor was in charge of bookkeeping, payroll, and had responsibility for dealing with the CRA for several concrete forming companies operated by the couple. Of the eight companies listed in the agreed statement of facts, James Taylor's father Donald Taylor was the sole director of one, Corewest Forming Ltd. But as with the other seven companies, Heather Taylor was found to have signing authority of that company's bank account and managed the financial affairs.According to the statement submitted to court, employees were hired and paid to complete projects, leaving the company legally liable to withhold source deductions and to remit the employers' contributions for such items as federal income tax, Canada Pension Plan contributions, and employment insurance premiums.The companies were also subject to GST regulations, in which they would have to remit net GST they collected, subject to GST credits that could be claimed based on GST paid out in business activities.Taylor was convicted of one count of fraud covering two categories for failure to remit payments to the government: Payroll remittance fraud and GST fraud.

Heather Taylor pleaded guilty to one count of fraud in British Columbia provincial court for an amount totalling $3,197,795

Heather Taylor pleaded guilty to one count of fraud in British Columbia provincial court for an amount totalling $3,197,795, which included ...