Category Archives: VDP

Unreported PayPal Business Income

 

Recent news alerted all Canadian online business owners that their PayPal Business Accounts will be handed over to the CRA. This will have serious tax consequences if they have Unreported PayPal Business Income. This news is a result of the Canada Revenue Agency (CRA) moving forward to aggressively address non-compliance specifically unreported income or underground economy.

This news sparked wide spread of panic and fear amongst previous calm and orderly online Canadian business community. The reasons are obvious:

The disclosed files could allow the CRA to identify people who have Unreported PayPal Business Income meaning that had business income from PayPal that were either never reported or under-reported. Further more,  for those online businesses with more than $30,000 in business revenue over 12 months, which means they should be registered to collect and remit the GST/HST.

This disclosure also may identify people or corporations who owe corporate or personal income taxes. If caught Unreported PayPal Business Income, they will have to pay the tax, plus penalties and interest. If the tax avoidance is deliberate, it could be considered tax evasion and result in a criminal charge.

 

Unreported PayPal Business Income 911

 

Unreported income with Unreported PayPal Business Income is regarded as tax evasion which can result in a range of civil or criminal penalties. Do not allow this mistake to become a crime that cannot be retracted, act now before CRA sends you a notice!

You need to quickly come to us before CRA initiates any action against you for Unreported PayPal Business Income.  As soon as CRA initiates the contact, then it is too late. It could be one letter in the mail, one phone call, one personal visit, etc.

The CRA can initiate criminal charges against individuals and businesses that are suspected to intentionally evade taxes for their Unreported PayPal Business Income. A conviction in such cases usually results in a fine of up to two hundred percent of the tax evaded or imprisonment of up to five years.

If you have done similar maneuver in your taxes with Unreported PayPal Business Income, then you need to seek independent and professional advice from reputable tax firm that specialized in tax crisis relief!

If you have Unreported PayPal Business Income, then you cannot afford to wait any longer! Do something to resolve your tax problems TODAY!

We have helped clients in reducing their tax damage and negotiated excellent settlement for them. Do you need protection services for Unreported PayPal Business Income outside Canada? We have helped Canadians from all over the world to repair the damage caused by their Canadian tax problems.

Our initial consultation is FREE and CONFIDENTIAL. You will get comprehensive analysis of your tax problems and recommended solutions in the first meeting. Then you can decide what to do from there.

How And Why VDP Canada Works

The CRA understands that not all taxpayers are up to date with their tax filing and payment and there are some taxpayers who would like to pay but not in a position to do so.  The VDP – Voluntary Disclosures Program gives taxpayers the chance to voluntarily admit that they owe taxes or they have not filed tax returns. As tax always has to be filed and paid, the VDP Canada comes in for people who have fallen behind. VDP Canada is a taxpayers’ preferred alternative to deal with tax problems such as late filing or unreported income.

The VDP Canada is easy to understand but not always easy to go through the process. For this reason you may find that you need help to get the best result when you apply. If the correct process is not followed there can be fines, interest added and even a freeze order put on your bank account.  If you have undisclosed tax problems and the CRA discover this themselves, it is unlikely that they will work with you to reduce tax owed.  If you own up and come clean about the fact that there are things you have not disclosed, then the VDP Canada will certainly work in your favor.

By entering VDP Canada, the principal amount will have to be paid back, and it is likely that the interest will also have to be paid. The good news is there will not be a late-filing penalties or even worse; prosecution. By working with a qualified tax consultant, you get better chance to be accepted by the VDP division and thus save yourself from hefty penalites.

In case you are not sure what is covered under VDP Canada, if you fail to report all earned income; not filing tax returns, claiming expenses that you are not entitled to and not submitting all source deductions.

Unfortunately just because you want to apply for VDP Canada, it does not mean that you are eligible. There are a number of criteria that must be met. Such as your disclosure has to be voluntary meaning that the CRA or other authority has not contacted you yet; the disclosure has to be complete meaning you disclose all the problems, not just partial. The disclosure must involve penalties; you do not need to go through the VDP Canada if you do not have tax owing or no penalties applying to you; Finally, if for late filing, it must be more than one year overdue.

Meeting with an experienced tax consultant will be helpful in that they will be able to properly guide you through to ensure the most complete and appropriate submission of your disclosure.

Making the Most Of The VDP

Knowing that there could be a solution to your tax problems will make life seem a lot better. If you are having trouble paying off all of your tax bills, then there is the Voluntary Disclosure Program – otherwise known as the VDP – that is there to help you. It is not the easiest process to follow and as a result you will be better off not going through the process on your own. You can take a lot of the stress and strain out of it by working with someone who has experience in this area, and will be able to guide you.

You need to be well organized, as with the VDP you need to have a lot of paperwork to submit and which disclosure you go for will determine which papers you need. Again it is going to be the professional who lets you know what you need and what is not going to be looked at.

You could find that you need the VDP for a number of reasons and it could be something as simple as not having filed your return on time, or not having filed it properly. You may not realize at the time that this is going to cause you a lot of problems, but as soon as you are contacted by the CRA they will make sure you know as they will tell you they need payment and that there are sanctions that they can pass making life quite uncomfortable.  It is for this reason that there are companies who can help and let you know if a VDP or other program will be best.

If you are wondering what the benefits will be if you get involved in the VDP compared with going it alone and just trying to pay the bill off, then think of the advantages of not having to pay back all of the penalties you have picked up. Once you have the bill and know what the CRA are expecting from you, then you will be able to determine what you gain from the VDP.  There will not be many times in your life when you are given a second chance and allowed to save money that you owe, so when this option is presented to you, take the offer seriously and don’t let it slip away. There are serious savings to be made so it is important you play the game properly and allow the experts to make offers and push the VDP process forward.

If you are concerned that this is not legitimate and there is no way that the CRA will allow you to pay less than you owe, then read up on the VDP and you will find out that it is a negotiated repayment system and it is for this reason that you are advised to employ someone with experience to guide you through. It is not all a one way system and you will have to agree to certain conditions, but it is still going to lead to you making substantial savings.

Taking Part In The Canadian Voluntary Disclosure Program

It is easy to make a mistake if you fill in your tax return without professional help. It could be that you misinterpret what needs to be done, or just don’t put the figures in the right place. In Canada, the Canadian Voluntary Disclosure Program allows residents to contact the CRA and let them know about incorrect or inaccurate information that has previously been submitted. The sort of information that is allowed, will be details that has been incorrectly reported, or that was missed of the disclosure completely.

The Canadian Voluntary Disclosure Program is something that is open to any taxpayer, and this can be a business as well as a individual. It does not matter if you are a Canadian resident or not, an employer or employee and if you prefer, you can authorize someone to put in the disclosure for you. It is at times like this that there should be someone helping you. Had you employed professional help at the beginning, you may not be in this position, but at least you are getting the chance to put things right.

There are many things that you can disclose as part of the Canadian Voluntary Disclosure Program, and the areas that will be relevant to you will depend on the nature of you employment.  It can be late-filed information returns (e.g. T4, NR4, T4A-NR, T106, T1135, T1134), or GST/HST omissions, unreported source deductions, expenses that should not have been claimed, business income or unreported personal, from sources inside or outside of Canada and late-filed income tax (for example T1, T2) returns. This is not the full list, but will be appropriate for many returns.

If you are unsure as to whether or not you should take part in the Canadian Voluntary Disclosure Program, it is worth remembering that doing so could prevent you incurring penalties and even being prosecuted. You would need to pay the tax that you omitted paying previously but this is to be expected.

Before filling in the disclosure it is worth checking with your representative that you have all the information needed. There are a number of reasons for filling in this disclosure – not least the fact that it can stop prosecution. You must start the process before you are informed that there are queries being raised regarding your form, and it will relate to returns that are more than 12 months old.  If you do not a full and detailed submission in relation to the Canadian Voluntary Disclosure Program, your application for a disclosure can be refused.

If you are taking advantage of professional help, they will know where to send it, and it will include the need for you to fill in Form RC199, or provide the information in your own words. They will have to include Form T1013, Authorizing or Cancelling any Representative, or Form RC59,  and they must be signed. They will then send it to the relevant tax office dealing with the Canadian Voluntary Disclosure Program.

You will be notified of the next stages after about few weeks, and it is possible you will be asked for more information and this will be expected within 30 days of request. Next you will be informed as to whether the disclosure as part of the Canadian Voluntary Disclosure Program has been accepted or not.

The Taxpayer and the Voluntary Disclosure

When a taxpayer feels that the filing of the tax return was not so accurate, there are bound to be fears concerning possibilities of a CRA audit and assessment. This will also be the case for those employers who have not remitted their Sales Taxes or their payroll deductions. It will be a nightmare of suspense for an individual who has not bothered to disclose the earnings from abroad. All such people should actually thank the CRA for implementing the Voluntary Disclosure program.

Now, a taxpayer can rectify inaccurate or insufficient filing of tax returns without being afraid of penalties or prosecution. Voluntary disclosure allows these taxpayers to prepare and then assess the outcome of their disclosure. They can do this either on a named or even on an anonymous basis.

In the case of a named voluntary disclosure, the taxpayer will have to provide a Form RC 199 or a Taxpayer’s Agreement Form, along with the full postal code and other contact details that include the Social Insurance Number. In the case of an anonymous voluntary disclosure, the taxpayer will have to disclose only the first three digits of the postal code and the contact information of its representative, the gender and age of the individual, the taxation years and the reporting periods that are going to be involved in the voluntary disclosure. Other things that have to be disclosed are the amount of the correction in taxes, the type of the return which is involved, the type and the reasons for their earlier omission, the principal business activity of the submitter and how he or she will be able to meet the conditions of use set by the CRA.

There are several benefits to using the voluntary disclosure program. The principal one being the way it provides the taxpayers a safe method, relatively speaking, of rectifying the deficiencies in their previous tax return filings. The other biggest benefit is the prevention of the enforcement procedures special investigations into your financial affairs. The CRA will not take any action against the taxpayer if he or she discloses before an investigation notice of assessment or an audit is initiated. The taxpayers have to be aware that the consequences of a criminal prosecution can lead to a jail time of one year per charge along with penalties that may range anywhere from a thousand to twenty five thousand dollars. Many taxpayers have lost sleep and have suffered emotional stress from this burden.

People who avoid thinking about voluntary disclosure have to be aware that the penalty for late filing on the first offence is five per cent of the balance of the taxes that is outstanding and one per cent for every month that the balance will remain outstanding to a maximum period of one year. For any additional offence, the penalty goes up to ten per cent of the balance which is outstanding and two per cent for every month to a maximum period of twenty months. Interest is also added to the principal amount and it is charged in the next month.

Need a Tax Amnesty Agent?

Need a tax amnesty agent? The perfect place for you to go is Tax 911 now if you are in the Toronto, York Region, Durham Region and more. We have a long history of helping clients resolve their tax problems. 

 

Tax Amnesty Agents

Find a tax agent to help you with tax amnesty to determine which option is best in your specific scenario. It is also known as tax pardon or VDP (Voluntary Disclosure Program). If you didn’t file your tax returns or under reported your income, a tax agent at Tax 911 Now is the answer.

If you have late filing tax debts and unreported income, it is essential you go to tax amnesty agent today to resolve your tax issues. They are extremely professional and highly-qualified in the tax industry. They completely understand the CRA and the Voluntary Disclosure as well. If you attempt to deal with it on your own, you have the potential of ruining your chances at tax amnesty.

 

Extensive History

Tax 911 Now has an extensive history with helping clients resolve their tax problems by filing voluntary disclosures. A major benefit associated with using Tax 911 Now for your tax amnesty agent is the fact that we handle all of the negotiating for you and will reach an excellent settlement. The CRA can be quite aggressive at times and once they contact you, you will lose the privilege of completing voluntary disclosures; therefore, it is essential you act in a timely manner.

Tax amnesty agents in Toronto at Tax 911 Now will be sure to guide you in through the tax process and eliminate the hassle of you having to deal with the CRA. We will orchestrate a strategy for your tax amnesty and take the stress off your shoulders. There is no doubt that Tax 911 Now’s agents are efficient in solving tax problems. We have the necessary training and knowledge in tax issues.

 

Free Consultation with one of the tax amnesty agents

You can get a free consultation with one of the tax amnesty agents at Tax 911 Now regarding tax amnesty and they will be sure to address all of your needs. Be sure to act quickly before it’s too late and the CRA takes action against you. They will analyze and go over all of your tax problems at the consultation and it will be up to you to decide what you wish to do. There isn’t any pressure involved.

It is evident that Tax 911 Now is the ideal place to go for a tax amnesty agent if you are in the Toronto, York, or Durham Region and other areas across Canada. Don’t worry about your under-reported income or tax penalties any longer, we are here to help you. The tax amnesty agents are very professional and dedicated to their clients. You are more than welcome to come to our location at 129 Telson Road, Suite 100, Markham, ON, L3R 1E4. You may also call us at 1-877-918-2991; feel free to address your tax troubles with us. We are understanding, compassionate people.

Voluntary Disclosure Program (VDP)

As the Canada Revenue Agency (CRA) moves forward to aggressively address non-compliance on unreported income or unfiled taxes, it becomes more important that you need to be aware of the Voluntary Disclosures Programs (VDP)

In cases of gross negligence, the Income Tax Act allows the CRA to assess a penalty of up to 50% of the unpaid tax or the improperly claimed benefit. In addition, the court may, on summary conviction, fine them 50% to 200% of the tax evaded, and sentence them to a jail term.

You need to quickly come to us before CRA initiates any action against you.  As soon as CRA initiates the contact, then it is too late. It could be one letter in the mail, one phone call, one personal visit, etc.

Voluntary Disclosure Program (VDP) Can Be The Perfect Solution

It could be just ONE day late, you lose everything and more! What You Need to Do Now to Fix Your Tax Problems Rather than Getting Your Life Ruined? – Voluntary Disclosure Program (VDP)

If you have unreported income, under-reported income, years of late filing with tax owing, then you cannot afford to wait any longer! Do something to resolve your tax problems TODAY!

Hire someone who is qualified and has the experience to help you solve tax problems. Many people try to handle their tax problems themselves, resulting in negative results because they do not understand the complex Voluntary Disclosure well. Keep in mind the Voluntary Disclosure Program (VDP) is more than just a simple form.

We have helped clients in reducing their tax damage by filing voluntary disclosure program (VDP) and negotiated excellent settlement for them. See what happy clients say about our Voluntary Disclosure service in the testimonial.

Do you need VDP services in other parts of Canada? Here is where our services are offered:

  • Toronto
  • Markham
  • Vancouver
  • Calgary

Our initial consultation is FREE and CONFIDENTIAL. You will get comprehensive analysis of your tax problems and recommended solutions in the first meeting. Then you can decide what to do from there.