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Posted: February 3, 2012

Developer convicted of failing to file income tax returns

By Gerry Warner

Sheldon Isaman, a well- known Cranbrook businessman and developer, was fined a total of $9,000 in Cranbrook Provincial Court Jan. 18 after pleading guilty to nine counts under the federal Income Tax Act.

According to a press release issued by the Canada Revenue Agency (CRA), Isaman failed to file his 2005 to 2007 personal income tax returns as well as his corporate tax returns for Summit West Investments (2002) Inc. for the 2005 and 2006 taxation years and the 2002 to 2005 taxation years.  Isaman was fined $1,000 on each count for a total of $9,000.

Isaman was given until Jan. 18, 2013 to pay the fine and the outstanding returns have since been filed, said CRA Communications Manager Dave Morgan. When people are convicted of failing to file tax returns they must still file their returns and pay the full amount of taxes owing plus interest as well as any fines the court may impose, Morgan said.

Isaman currently has a large residential development proposal before the Regional District of East Kootenay (RDEK) for approval. The 2,400 acre parcel was also part of the controversial East Hill development project proposed for Cranbrook in August 2007, but fell through after a city boundary expansion application to accommodate it was defeated by 33 votes in a hard fought and divisive referendum campaign in November 2009.

Cranbrook lawyer Natalie Hebert, who represented Isaman before Provincial Court Judge Grant Sheard, said her client had nothing to say about the matter. “I can advise at this time Mr. Isaman has no comment.”

The matter was originally scheduled for disposition Jan. 19, but was moved ahead a day to Jan. 18 when Isaman pleaded guilty.


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