Worried About PayPal’s Disclosure to the CRA? Know Your Options!
PayPal ordered to disclose information on business account holders to the CRA. What can you do if you have undisclosed income? You have several options. We are the CRA Voluntary Disclosure Program/VDP Experts For Your Paypal CRA Disclosure.
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A federal court order has required PayPal to supply information about their business account holders to the Canada Revenue Agency (CRA). Effective immediately, PayPal will need to disclose transactional information about individual business accounts from between Jan 1st, 2014 to Nov 10th, 2017. This disclosure could spell trouble for you if you have a PayPal business account with a large value of total transactions as you may be a prime target to be audited by the CRA. This can lead to you owing a large sum of additional taxes along with hefty penalties and interest. Fortunately, the CRA Voluntary Disclosure Program (VDP) can help you avoid potential criminal prosecution, penalties along with reduced interest. However, major changing coming next year will limit the program’s effectiveness so it is vital to file as soon as possible.
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 and penalties. The changes coming in 2018 to the VDP will 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 For Your Paypal CRA Disclosure
With over 65 years of collective experience working within the CRA, Tax Solutions Canada is uniquely equipped to help you avoid CRA tax penalties and prosecutions. Canada Tax Solutions can effectively:
- Review your unique tax situation
- Develop a strategic plan to solve your tax disclosure issue
- Help you disclose unfiled reports and undisclosed income
- Prevent penalties, interest and prosecution
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 (855) 662-7229, 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.