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.