Correct Your Tax History Before the CRA Acts
Everyone makes mistakes, and sometimes tax obligations are overlooked for years. The Canada Revenue Agency's Voluntary Disclosure Program (VDP) offers a "second chance" for taxpayers to come forward and correct previous omissions or errors in their tax filings. At Accounting Firm Canada, we guide you through this complex process to secure the best possible outcome.
What can the VDP accomplish?
If your application is accepted, the CRA may waive all or part of the penalties and interest you would otherwise owe. More importantly, an accepted disclosure provides relief from criminal prosecution related to the disclosed information.
VDP Eligibility Requirements:
- Voluntary: You must come forward before the CRA has started any audit or investigation against you.
- Complete: You must disclose all information regarding the non-compliance.
- Involves a Penalty: The disclosure must involve the application of a penalty.
- Past Due: The information must be at least one year past the filing deadline.
Expert Guidance from BOMCAS Canada Specialists
The VDP is divided into two tracks: the General Program and the Limited Program (for intentional non-compliance). Determining which track you fall under is critical. Our team prepares a comprehensive submission that presents your case accurately and professionally, maximizing your chances of acceptance.
Worried About Unfiled Taxes?
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