CRA Voluntary Disclosure
Canada Revenue Agency (CRA) requires individuals to file and pay their taxes on time and in full. But what happens if you intentionally or unintentionally omitted to report all of your tax information?
CRA developed the Voluntary Disclosure Program (VDP), to allow individuals to correct errors or omissions previously filed in their tax returns. This program gives taxpayers who may have intentionally or unintentionally avoided their tax obligations, to set the record straight, without the fear of prosecution.
CRA will only permit participation into their program, if they have not yet received a tip on the tax payer’s potential involvement of non-compliance. Contact SamLaw and let us help you with your voluntary disclosure declaration and process and to determine which of the 2 streams of voluntary disclosure may best suit your needs.