Calgary Tax law firm Moodys Gartner Tax Law LLP released an interesting article that we thought was worth sharing and a blog: Ten-Year Limitation Period for Tax Debts Arising Prior to 2004. The topic deals with a change to the Voluntary Disclosure program as it relates to time limitations.
The article states: “As of March 4, 2014, taxpayers with tax debts that arose prior to March 4, 2004 may find relief in the 10-year limitation period on collection provided by subsection 222(4) of the Income Tax Act. This relief may be of particular interest to taxpayers who are considering voluntary disclosures of unreported income beyond the 10-year period for which relief from penalties and interest can be granted by the minister pursuant to subsection 220(3.1).”
You can read the complete article here: http://www.google.ca/url?sa=t&rct=j&q=&esrc=s&frm=1&source=web&cd=1&ved=0CB0QFjAA&url=http%3A%2F%2Fwww.moodysgartner.com%2Fdownloads%2Ftax-for-the-owner-manager.pdf&ei=bMINVImhNc2kyATBs4GoDA&usg=AFQjCNGJZMUqdaGzroUGd8pZOvscbr3IcA&bvm=bv.74649129,d.aWw
For more about the Voluntary Disclosure Program please call Tax Solutions Canada at 1-888-868-1400.