Time is Running Out To File Your Voluntary Disclosure While Your Still Eligible
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The Voluntary Disclosure Program (VDP) has been one of the CRA’s most effective programs allowing taxpayers to disclose their unreported income to avoid prosecution or penalties. The main catalysts of the program was that it allowed taxpayers to anonymously submit a VDP proposal to see if they are eligible without giving out their identity or paying the taxes owing up front. For individuals with high sum offshore accounts or multiple years of unpaid taxes, the VDP program provided them with a efficient and favourable remedy.
The changes coming January 1st 2018 to the VDP will ultimately remove the main benefits of the program. The main changes include:
- Large dollar amount disclosures will no longer qualify
- Estimated taxes owing must be paid in full with the VDP application
- The abolition of anonymous no name disclosures
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. The changes to the CRA Voluntary Disclosure Program will greatly reduce your ability to avoid potential penalties and even jail time. It is vital to submit your VDP application as soon as possible before time runs out.
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.
To request your free consultation, please call us at 1-888-868-1400, or fill in the form on the top of this page.
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.
"The power the CRA holds over individuals is unbelievable. I could not believe we had to experience this treatment and I firmly believe Scott saved the day, our sanity and our financial future. Farber Tax knows their stuff, and I highly recommend them to be in your corner."
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I don’t even know where to.begin or how to even thank you for lending an ear this morning. Without even seeing any type of documentation to support my situation .. you offered support, guidance and most of all kindness. THANK YOU from the bottom of my heart!!