Late Filing or Undisclosed Income Could Lead to Penalties, Interest and Prosecution – A CRA Voluntary Disclosure Application (VDP) is the Solution
Want to make a voluntary disclosure under the VDP? Call us first. Avoid penalties, interest and prosecution. Contact us today.
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We are the VDP experts and can help you come clean on undeclared income and receive tax amnesty!
Failing to file tax returns or declare income can become a very serious problem, very quickly. Hundreds of Canadians just like you are prosecuted each year for failing to file returns and declare income, often resulting in punitive penalties in addition to standard late filing penalties and even jail time. Think it can’t happen to you? It can! Under the CRA Voluntary Disclosure Program, also known as VDP, you can submit previously unfiled returns or declare unreported income while avoiding penalties, interest and prosecution. There is of course one caveat – you have to get to the CRA before they get to you. The moment they begin asking you for information or request that you file late returns, you cannot apply under the CRA Voluntary Disclosure Program and will be forced to pursue other less effective and/or more costly remedies.
We are the CRA Voluntary Disclosure Program/VDP Experts With great success, we routinely make VDP applications on behalf of individuals and businesses and we can help you too. Owing money to the CRA is not illegal, but failing to file tax returns and not disclosing income is! Let us help you solve your tax problem today.
More information about the CRA Voluntary Disclosure Program… When your CRA Voluntary Disclosure Program application is approved, the CRA will agree to accept:
- Late tax returns
- Undisclosed income
- Amended returns with previous errors
- Adjustments to returns with expenses that should not have been declared and more…
When approved, the CRA will waive 100% of all applicable penalties and related interest, will significantly reduce interest on the remaining tax balance perhaps most importantly, they will agree to waive their right to criminally charge and prosecute you. We do not recommend you try a ‘DIY’ application – you only have one chance to get it right. The CRA has created the program to look great politically while at the same time filling it with (legitimate) fine-print traps that make it very difficult. The VDP is an official CRA program – we highly recommend that you have your application prepared and submitted by an experienced professional. Who qualifies for tax amnesty under the Voluntary Disclosure Program (VDP)? To qualify under the Voluntary Disclosure Program you need to meet 4 key criteria:
- The disclosure must be voluntary – the CRA cannot have contacted you in any way about your tax problem.
- The voluntary disclosure must involve taxes that are at least one year old.
- The tax debt associated with the voluntary disclosure must involve a penalty.
- The voluntary disclosure must be complete – no information can be omitted and all forms and documentation must be provided.
The above four reasons are precisely why you are best served by having a professional assess whether or not you qualify, and if you do, to prepare your VDP application. Even a miniscule mistake can result in rejection, leaving you in a precarious position. Keep this in mind: if you think hiring a professional is expensive, wait until you hire an amateur! Your first step towards tax amnesty is the CRA Voluntary Disclosure Program – contact us today and let’s get started on finding you a meaningful tax solution.
Farber Tax Solutions can help you successfully deal with CRA problems. We utilize the experience of our tax experts to:
- 1| Offer a comprehensive solution that is focused on achieving the most favourable possible outcome for your tax issue;
- 2| Communicate with the CRA on your behalf and navigate the entire CRA dispute process; and
- 3| Offer a complete solution to your tax problems, including ex-CRA professionals, lawyers, and experienced accountants.