Brampton, ON (Marketwire - May 6, 2008) - On May 2, 2008 Abiodun Salami, owner of 1489191 Ontario Inc., operating as Money Market, was found guilty in the Ontario Court of Justice in Brampton of one count of tax evasion. Mr. Salami was fined $58,213 and given two years to pay. He was also placed on two years probation. The main term of Mr. Salami's probation is that he is prohibited from preparing tax returns for anyone other than himself, his spouse or his children.

A Canada Revenue Agency (CRA) investigation began after a Money Market client reported her 2005 personal income tax return was filed claiming false charitable donations. The investigation determined 55 Money Market clients filed returns claiming false charitable donations totalling $407,325 in 2004 and 2005.

On March 7, 2007, CRA investigators executed search warrants at the business premises of Money Market and the personal residence of Mr. Salami. The investigators seized documents and computers verifying that Mr. Salami carried on a tax preparation service and sold false donation receipts. The CRA investigation further revealed that Mr. Salami sold tax receipts for 10% of the face value and did not donate the money to the charities. It was also determined that Mr. Salami created the false donation receipts by scanning legitimate donation receipts into his computer and altering them as required.

"Canadian taxpayers must have confidence in the fairness of the tax system," said the Commissioner of the Canada Revenue Agency, William V. Baker. "To maintain that confidence, the Canada Revenue Agency is determined to hold tax evaders accountable for their actions."

When individuals or corporations are convicted of tax evasion, they have to pay the full amount of tax owing, plus interest, and any penalties the CRA assesses. In cases of gross negligence, the Income Tax Act and Excise Tax Act allow the CRA to assess a penalty of up to 50% of the unpaid tax or the improperly claimed benefit. In addition, the court may, on summary conviction, fine them 50% to 200% of the tax evaded, and sentence them to a jail term of up to two years.

The information in this news release was obtained from the court records.

Further information on convictions can also be found in the Media Room on the CRA website at www.cra.gc.ca/convictions.