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Blogs tagged with Voluntary Disclosure Program

CRA Cracking Down on Tax Havens – Why the Voluntary Disclosure Program is Your New Best Friend

A few weeks ago, we spoke about an announcement made regarding suggested changes to the Voluntary Disclosure Program – a valuable program offered by the government which grants relief of penalties and interest on a tax debt to those who qualify. These suggestions come after harsh criticism that the Canada…

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Canadians being investigated by CRA for Tax Evasion – Are You at Risk?

Back in April 2016, the world was shocked by the release of the ‘Panama Papers’ – a leak of more than 11.5 million documents which detailed confidential financial and attorney–client information for more than 214,488 offshore entities. The leaked documents were created by Panamanian law firm Mossack Fonseca, with some…

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Time is Running Out: CRA to Toughen Up Voluntary Disclosure Program

For years now, the Voluntary Disclosure Program has been an important resource for Canadians looking to become tax compliant. Those who have fallen behind or made incorrect claims/statements on their income taxes can approach the CRA voluntarily in the hopes of avoiding penalties and interest. However, according to a report…

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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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Summer Clean Up – Today is the Day to Get Your Records Straight

You hear all your friends sighing in relief because there taxes are done, but instead of being excited, your anxiety kicks up another notch…You’re anxious because you cannot do your taxes without records – that’s what your accountant told you.  So the years of not filing are simply piling up.…

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Getting to Know the Voluntary Disclosure Program

The Canadian tax system is based on the principles of voluntary compliance and self-assessment. Where an error or omission has been made in reporting to the Canada Revenue Agency (CRA), a taxpayer may, under certain circumstances, be permitted to come forward and report the error or omission for potential relief…

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Undeclared Offshore Holdings? Foreign Assets Becoming Easier to Find For the CRA

This past week, Canada signed the Multilateral Competent Authority Agreement on the Automatic Exchange of Information (MCAA), becoming part of a global coordinated effort to exchange financial account information efficiently and securely with other tax jurisdictions. Under the MCAA, foreign tax authorities will provide information to the Canada Revenue Agency…

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6 Ways to Get Your Voluntary Disclosure Application Rejected

If you know that you have undisclosed or incorrectly disclosed information on a tax return, or have not filed a return, you may be eligible for the Voluntary Disclosure in order to avoid penalties, interest, and even prosecution – but this is a complex process requiring expert guidance – you…

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Feeling Down Because of Your Tax Problem? Even if You’re in the Wrong, it Pays to Take Action

Average people fall behind filing their tax returns. In fact, these regular Canadians make up a significant part of our practice as tax-distress solution professionals. Some people are in this situation because they are afraid of the financial consequences once the tax debt, penalties and interest have been assessed. That…

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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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