Learn about Voluntary Disclosure

1. Voluntary Disclosure

2. Voluntary Disclosure by Calgary Income Tax Lawyer A successfully filed Voluntary Disclosure eliminates the possibility of penalties and criminal prosecution, allows for partial interest relief and, in several cases, enables the taxpayer to limit the years required to qualify as a “complete” disclosure to ten, and possibly fewer, years. Our experienced Calgary Income Tax Lawyer handle Voluntary Disclosures relating to unreported offshore bank accounts and unreported offshore income on a frequent basis and can manage the process to ensure the best possible outcome.

3. Toronto Tax Lawyer Tax Amnesty Application Any Canadian taxpayers who have unreported internet income are subject to tax prosecution for income tax evasion as well as civil tax penalties for unreported income. However there is a way to avoid these tax penalties because the Canada Revenue Agency wants to promote voluntary compliance with Canadian tax laws, through a tax amnesty with the voluntary disclosure program (VDP). The Canadian taxpayer who has not reported income has to initiate a voluntary disclosure with CRA through one of our Toronto tax lawyers before the tax man commences an income tax audit of unreported internet income. Contact one of our top Toronto Income Tax lawyers now for assistance, before CRA contacts you.

4. Voluntary Disclosure CRA Latest Statistics CRA has provided the latest statistics about the tax amnesty or voluntary disclosure program (VDP) for the previous fiscal year. CRA provides an annual report to parliament that provides a wealth of information about its activities over the past year. The 2014-2015 CRA Annual Report to Parliament was released in late January 2016 and is tabled in Parliament annually by the Minister of National Revenue, under the legal requirements of the Canada Revenue Agency Act. The report contains comprehensive information on the performance of the CRA. It is clear from this report that the Canadian voluntary disclosure program is being utilized more by Toronto tax lawyers and Canadian taxpayers.

5. Voluntary Disclosure – Toronto Tax Lawyer In order to qualify for a Canadian voluntary disclosure the Canadian taxpayer must approach CRA and initiate the voluntary disclosure, either as a no-names voluntary disclosure or with identify fully disclosed, before any contact from CRA. If CRA has initiated an audit or investigation, or even sent an enquiry letter, it will generally be too late to qualify for the VDP tax amnesty with respect to the subject matter of the enquiry. If you have undisclosed income tax issues contact one of our Toronto income tax lawyers for a consultation before CRA contacts you.

6. Panama Papers: An Illusion – Toronto Tax Lawyer Panama Papers –Offshore Tax Haven Secrecy is an Illusion – Toronto Tax Lawyer Comment As headlines are talking about an unprecedented leak of secret papers and data involving murky and even illegal offshore financial transactions, governments across the world began investigating possible financial wrongdoing by the rich and powerful including prominent politicians and celebrities.

7. DEFEND VOLUNTARY DISCLOSURE FILING POSITION A CRA voluntary disclosure submission is primarily a legal tax procedure that can on occasion lead to a tax court battle, so should be submitted by a Toronto tax lawyer. The related tax returns or T1135 forms are tax compliance filings and should therefore be prepared by a tax accountant and reviewed and submitted by the Canadian tax lawyer. The voluntary disclosure process should be collaborative with both a Canadian tax attorney and an accountant involved.

8. Thank You Thank you for your valuable time to watch our power point presentation regarding CRA voluntary discloser program. Visit www.CanadianTaxAmnesty.ca