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Blogs tagged with voluntary disclosure

Tax Law News: The Panama Papers and Voluntary Disclosure

It has now been over a year since the Panama Papers were leaked and hundreds of Canadian taxpayers were named, their tax avoidance schemes exposed. Since that time, tired of the criticism of being soft on tax crime, the Canada Revenue Agency has stepped up their efforts to catch those…

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Small Business Taxes – Tips to Keep The CRA Happy

With business tax season well behind us, and most small business taxes concluded, many owners continue on as usual and don’t necessarily stop to consider taxes outside of the regular, necessary dealings. However, if you’ve been less than compliant, and are therefore fearful of an audit, or have already been…

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Your Second Chance at Coming Clean: Tax Evasion & The Voluntary Disclosure Program

If you have, for whatever reason, failed to report all of your taxable income, have claimed expenses or deductions you were not entitled to, or have even failed to report foreign income that is taxable in Canada, stress is probably a regular fixture in your life. It is well known…

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In the News: Tax Trouble for Ontario Pharmacies

A recent federal investigation of Canadian retail pharmacists who received incentives from generic drug firms looking for shelf space has uncovered more than 1,000 who failed to declare and pay the taxes due on $58 million in rebates and incentives, leading to penalties for significant number. An article from CBC…

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What is CRA Voluntary Disclosure & When is it Useful?

CRA Voluntary Disclosure allows you to amend or correct previous tax filings. Through CRA Voluntary Disclosure, you can come forward to the Canada Revenue Agency and provide them with details on mistakes that you have made on previous returns or give them information that may have been left out in…

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CRA Crackdown on Questionable Real Estate Tax Practices

Two weeks ago, the government of British Columbia announced a new partnership with the Canada Revenue Agency (CRA) to share data of real estate transactions within the province. It is expected that the information will assist the CRA in its current investigation of possible income tax and GST evasion on…

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Does a Voluntary Disclosure Application Have to be Made by a Tax Lawyer?

You are probably getting confused by the different types of professionals blasting the radio airwaves with advertisements regarding why you should use them to make your Voluntary Disclosure Program (VDP) application. Lawyers will say you have to use them because they can offer you increased protection, while some accountants say…

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The 2 Most Common Ways to Lose Your Opportunity Under VDP

The Voluntary Disclosure Program is an official program offered by CRA where a taxpayer can come clean about undeclared income and past due returns with no penalties and much reduced interest. Failing to declare income or failing to file tax returns is a criminal offence. In addition to prosecution, fines…

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