BC stock promoter led ‘lavish lifestyle’ while evading millions in tax, CRA alleges

For years, Damien Reynolds lived the high life: He drove a blue Lamborghini and a red Ferrari, lived in million-dollar homes and was featured in a magazine profile as the CEO of one of B.C.’s fastest-growing companies. He imported art and appeared on The Real Housewives of Vancouver, where his wife was a main cast member.

But all along, the Canada Revenue Agency claims in court records, Reynolds had also been brushing off the taxman and a growing — eventually crippling — bill.

“Reynolds used funds to support his lavish lifestyle rather than to pay income taxes,” a CRA investigator says in a sworn, but unproven, statement filed in court.

On Tuesday morning, the 51-year-old’s case goes before a Vancouver judge for his preliminary hearing on three counts of tax evasion — making him the first person named in the Panama Papers against whom the CRA

... read more at: https://www.cbc.ca/news/canada/british-columbia/damien-reynolds-panama-papers-cra-1.4818326

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