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White Collar Crimes in Canada

The term white collar crime refers to nonviolent crimes committed to gain financially. The crimes are committed by white collar individuals which can include people in business or with positions within the government. Some common white-collar crimes include

  • Money laundering
  • Tax evasion
  • Fraud
  • Insider trading
  • embezzlement

These crimes are dealt with under various sections of the Criminal Code and can result in fines, imprisonment, or having to pay reparations to the victim. Not only can corporations be held responsible, but also the individual who take part in the illegal act including executives and directors. Some of the common white-collar crimes are outlined below.

Fraud:

Fraud, one of the most common white-collar crimes, is outlined in Section 380 of the Criminal Code. Anyone can commit fraud if they gain money, property, valuable security or any service through deceit or false representation. Fraud is a hybrid offence meaning the Crown gets to choose if the charge is proceeded by way of indictment or by way of summary. If the value of the offence exceeds $5000, the crime will proceed by way of indictment which can result in up to 14 years imprisonment. However, if the value of the crime is below $5000, the offence will proceed by way of summary with a maximum penalty of 2 years imprisonment.  This white-collar crime is also covered in Section 400 of the Criminal Code of Canada, which deals with fraud relating to contracts and trade.

Tax Evasion:

Tax evasion is considered to be a white-collar crime and is outlined in Section 239 of the Income Tax Act. Tax evasion occurs when one avoids payment of taxes which can happen through falsified records, hiding one’s income or inflating expenses. If one is found guilty of this offence, they can receive a fine no less than 50% and not more than 200% of the amount of tax that was evaded. They can also receive a punishment of a maximum of 5 years imprisonment.

Money Laundering:

Money laundering is the concealing of money that was obtained through illegal activity. It is outlined under Section 462.31 of the Criminal Code and is a hybrid offence. If the Crown proceeds by way of summary, the maximum punishment is 2 years imprisonment and a possible fine up to $5000. If the Crown proceeds by way of indictment, the maximum punishment is 10 years imprisonment.

It is important to note that this is not an exhaustive list. There are many other crimes that are considered to be white collar crimes.

If you are charged with a white-collar crime, it is essential that you have experienced lawyers by your side. Contact our office today at (905) 541-2228 or fill out a form to schedule a consultation.

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