Tax evasion is a criminal offence.

If you do not declare taxable income for more than one year, you have committed tax evasion.

When you are caught, monetary penalties will be up to 250% of the tax payable and daily interest. In addition to the penalties, you will also have to pay the tax owing plus daily interest. If charged and convicted and you can't pay the huge fine, prison is the alternative. Worse still a criminal record can put an end to your business and other travel outside of Canada.

You may lose your assets.

Your credit will be seriously affected. The Canada Revenue Agency can even get a secret judgement against you without your immediate knowledge.

A lien can be placed against your home and it can be seized by the Canada Revenue Agency in order to settle taxes owed. They can also take your RSP and any savings as well as garnishee your wages.

You are eroding your family's financial health and future.

Should you die, your estate will be liable for any taxes owing thus jeopardizing your family's financial future.

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Visit The DioGuardi Blog for the latest in reports about taxes and tax amnesty in Canada.