Learn about voluntary disclosure
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Transcript of Learn about voluntary disclosure
A successfully filed Voluntary Disclosure eliminates the possibility
of penalties and criminal prosecution, allows for partial interest
relief and, in several cases, enables the taxpayer to limit the years
required to qualify as a “complete” disclosure to ten, and possibly
fewer, years. Our experienced Calgary Income Tax Lawyer handle
Voluntary Disclosures relating to unreported offshore bank accounts
and unreported offshore income on a frequent basis and can manage
the process to ensure the best possible outcome.
Any Canadian taxpayers who have unreported internet income are
subject to tax prosecution for income tax evasion as well as civil tax
penalties for unreported income. However there is a way to avoid
these tax penalties because the Canada Revenue Agency wants to
promote voluntary compliance with Canadian tax laws, through a
tax amnesty with the voluntary disclosure program (VDP). The
Canadian taxpayer who has not reported income has to initiate a
voluntary disclosure with CRA through one of our Toronto tax
lawyers before the tax man commences an income tax audit of
unreported internet income. Contact one of our top Toronto Income
Tax lawyers now for assistance, before CRA contacts you.
CRA has provided the latest statistics about the tax amnesty or
voluntary disclosure program (VDP) for the previous fiscal year.
CRA provides an annual report to parliament that provides a wealth
of information about its activities over the past year. The 2014-2015
CRA Annual Report to Parliament was released in late January 2016
and is tabled in Parliament annually by the Minister of National
Revenue, under the legal requirements of the Canada Revenue
Agency Act. The report contains comprehensive information on the
performance of the CRA. It is clear from this report that the
Canadian voluntary disclosure program is being utilized more by
Toronto tax lawyers and Canadian taxpayers.
In order to qualify for a Canadian voluntary disclosure the
Canadian taxpayer must approach CRA and initiate the
voluntary disclosure, either as a no-names voluntary
disclosure or with identify fully disclosed, before any
contact from CRA. If CRA has initiated an audit or
investigation, or even sent an enquiry letter, it will generally
be too late to qualify for the VDP tax amnesty with respect
to the subject matter of the enquiry. If you have undisclosed
income tax issues contact one of our Toronto income tax
lawyers for a consultation before CRA contacts you.
Panama Papers –Offshore Tax Haven Secrecy is an Illusion
– Toronto Tax Lawyer Comment As headlines are talking
about an unprecedented leak of secret papers and data
involving murky and even illegal offshore financial
transactions, governments across the world began
investigating possible financial wrongdoing by the rich and
powerful including prominent politicians and celebrities.
A CRA voluntary disclosure submission is primarily a legal
tax procedure that can on occasion lead to a tax court battle,
so should be submitted by a Toronto tax lawyer. The related
tax returns or T1135 forms are tax compliance filings and
should therefore be prepared by a tax accountant and
reviewed and submitted by the Canadian tax lawyer. The
voluntary disclosure process should be collaborative with
both a Canadian tax attorney and an accountant involved.
Thank you for your valuable time to watch our power point presentation regarding CRA
voluntary discloser program.
Visit
www.CanadianTaxAmnesty.ca