Believe it or not, you may be eligible to have a second chance to correct your tax affairs. Second chances don’t often happen in life. But if you ever made a tax mistake like leaving out income or claiming ineligible expenses, Canada Revenue Agency (CRA) offers you a second chance.
No-Name Voluntary Disclosure (VD)
Our CPA firm offers this unique professional service called a “no-name voluntary disclosure.” We can make a “no-name” voluntary disclosure (VD) on your behalf to CRA to ensure your complete anonymity until they formally indicate acceptance of your no-name voluntary disclosure (VD).
TAX TIP Your VD must be submitted BEFORE you become aware of any action taken against you by CRA. They must determine the validity of a VD, ensure it is complete and not made while you are under investigation, and a penalty must be applicable. To determine if you qualify for the special VD program, please contact us now.
Some VD program highlights include:
- Any taxpayer, including individuals or corporations, can make a VD in respect of: unreported business or personal income; ineligible expenses previously claimed; failure to collect and remit HST; information returns not previously submitted; unreported foreign income like interest and dividends; to name a few.
- Acceptance is determined by a CRA VD Officer on a case-by-case basis if your disclosure meets certain conditions. If you make a valid VD, you would only pay the taxes you owe plus interest. Most importantly you may avoid penalties and prosecution.
TAX TIP There is no limit on how far back the VD Officer will request or review information. A disclosure must be complete and provide all the relevant information to allow the VD Officer to appropriately review and decide whether statute-barred years should be opened for reassessment. Please contact us now for professional assistance making your no-name voluntary disclosure to CRA.
Nature of Disclosure
Each voluntary disclosure must include enough detail to allow the facts to be verified. You are expected to make all books of accounts, records, documents and any other required information available upon request by the CRA.
Fortunately, even though voluntary disclosures must be complete, some income amounts you wish to disclose may not even end up being assessed by CRA. For example, if a taxpayer knowingly failed to report foreign income for the last 20 years, she must disclose this and then the VD Officer at CRA determines how many years of that income are to be assessed. In this situation, CRA may only assess the last 6 years rather than going back 20 years depending on your circumstances.
Please remember: you do not need a lawyer to handle this procedure; you cannot make a voluntary disclosure if you are under CRA investigation; the VD program is open to all taxpayers; and finally, the best way to ensure your success is to contact us now.
We Will Help You
Now more than ever you need our strategic tax consulting, comprehensive business advisory and financial planning services. We also use the most advanced state-of-the-art technology to minimize your income tax liabilities.
To arrange your personal and confidential FinancialCHECKUP™, call now 905-709-HELP or click here.