Trust No Accountant
Sanjeey Khatter, like many Canadians today, was in the dark as to how to file his taxes. Therefore he took on a tax preparer to assist him with his financial needs. What occurred after was an unfortunate mixture of poor judgment and severe carelessness.
Sanjeey hired a man by the name of Muntaz Rasool, who led him to believe he could receive a greater tax refund than what was previously prescribed. However, when Muntaz began putting together Sanjeey’s 2008 tax return, he made up a large and fictitious business loss; on a business his client never owned. By claiming his loss in 2008, a request was made to apply net operating losses to the preceding year’s income (ie, a “carryback”) which would have made his taxable income from 2005 to 2008: zero.