The CRA allows for the voluntary declaration of unpaid taxes, inaccurate information, and even unfiled returns through the Voluntary Disclosures Program (VDP). The VDP allows a taxpayer to proactively correct his taxes, potentially avoiding penalties or prosecution. Contact our top Canadian tax lawyers to make a voluntary disclosure.
You must take action before the CRA does, to qualify for any relieving provisions under such a voluntary disclosure. The declaration must be complete and not attempt to hide additional irregularities. The VDP is only used in cases where new information prevents a tax penalty.
For example, if you miss reporting T information slip, voluntary disclosure is unnecessary, as this would only lead to a reassessment rather than punitive action. It is difficult task for taxpayers to submit a VDP without the tax help of our top Toronto tax lawyers.
To learn more about CRA Voluntary Disclosure Program (VDP or tax amnesty) visit: canadiantaxamnesty.ca/