Have you ever made a mistake and left out details on your tax return?
The Canada Revenue Agency (CRA) offers a program that allows the taxpayer the opportunity to come forward, make things right, and have peace of mind.
More and more Canadians are coming forward to correct their tax affairs. Why don’t you?
Did you know you can correct your tax affairs with the Canada Revenue Agency (CRA) without penalty or prosecution?
The voluntary disclosure program (VDP) allows a taxpayer to correct their tax affairs with the CRA.
Your tax corrections can include:
- Unreported or under reported income from employment or business
- Unreported capital gain
- Any error made on a previously filed tax return
These applications with the CRA can cover both income tax and GST/HST.
You may ask yourself these questions:
- How do I make a voluntary disclosure and where do I send it?
- What are the conditions for a valid disclosure?
- What is accepted and not accepted under the VDP?
- Can I make an anonymous disclosure?
- What should I expect after I make my disclosure?
- When should I pay what I owe?
At Fred Albi, Chartered Professional Accountant we can assist you with all these questions and help you through the process.
Once your VDP application has been submitted and CRA has agreed to accept…
- Late tax returns
- Undisclosed income
- Amended returns with previous errors
- Adjustments to returns with expenses that should not have been declared and more
You will not be charged for penalties, interest on the penalties charged, nor will you be prosecuted you.
We do not recommend you try a do it yourself project for Personal Tax Voluntary Disclosure.
You have only one chance to get it right and CRA has skewed the program to look great politically?? Change wording but full of legal fine print traps that will exclude ?? do you mean penalize you? you. VDP is an official CRA program – we highly recommend that you have your application prepared and submitted by a professional.
To qualify under the voluntary disclosure program you need to meet 4 key criteria:
- The disclosure must be voluntary – the CRA cannot have contacted you in any way about your tax problem
- The voluntary disclosure must involve taxes that are at least one year old
- The tax debt associated with the voluntary disclosure must involve a penalty
- The voluntary disclosure must be complete – no information can be omitted and all forms and documentation must be provided
If you would like to speak with us about a VDP application, please contact us for a complimentary quote today. We will help you put your tax problem behind you.