Did you know?
The Canada Revenue Agency (CRA) offers taxpayers a second chance to correct earlier mistakes and put their tax affairs in order through the Voluntary Disclosures Program (VDP). If you have ever made a mistake on your taxes, or left out details about income you reported on your tax return the CRA is offering you a second chance to make things right.
By filing a valid voluntary disclosure with the CRA, you only pay the taxes you owe plus interest. You may avoid penalties and potential prosecution related to the information accepted under the program. The disclosure must be voluntary, meaning it must be a valid disclosure that you file before you become aware that the CRA is taking action against you. If you need to correct your tax affairs, come forward now and take this opportunity to make things right.
A valid disclosure has to meet all four of the following conditions:
- it must be voluntary;
- a penalty must apply to it;
- the mistake or omission must be at least one year overdue; and
- it must be complete and include all the necessary information.
Anyone can use the Voluntary Disclosures Program, including individuals, businesses, employers, payers, trusts, and estates, whether a resident or a non-resident of Canada.
If you would like more information on the Voluntary Disclosures Program (VDP), or want help with it, contact GB Pilley & Associates Ltd., Chartered Professional Accountants at 604 926 3522.