Tag Archives: Voluntary Disclosure Program

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 » Read More

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 » Read More

CRA Voluntary Disclosure Helps to Waive Penalties

In case of unreported income or late filing taxes that relates old tax years problem. Taxpayers have the option to file voluntary disclosure, CRA could grant a complete waive of interests and sometimes a partial relief of interest. If taxpayer files an anonymous voluntary disclosure, the taxpayer has a period of ninety days from the » Read More

The Canadian Tax Amnesty Offered by the CRA

Many Canadian taxpayers have come clean with their concealed offshore bank accounts to the CRA as part of the Canadian government’s tax amnesty programs. It has allowed the Canadian Treasury to collect many Canadian Dollars in unpaid taxes. The voluntary disclosure programs or the tax amnesty programs are part of the comprehensive initiative to deter » Read More

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 » Read More