We regularly assist clients in bringing unreported income to the attention of the Canada Revenue Agency through the voluntary disclosure program.
We are experienced in “named” and “no name” disclosures and use our skill and knowledge to ensure that our clients avoid the risk of prosecution and enjoy the most favorable result possible. Of course, all communications with our clients is protected by solicitor-client privilege.
Benefits of voluntary disclosure
Coming forward with a valid voluntary disclosure means you would pay only the taxes you owe plus interest, and you may avoid penalties and potential prosecution on the information accepted under the program. You can file a disclosure to correct inaccurate or incomplete information or to provide information you may have omitted in your previous dealings with the tax authorities.
Mistakes that can be corrected
Items that would typically be disclosed include:
- failure to report foreign-sourced income that is taxable in Canada
- failure to report taxable income received
- claiming of ineligible expenses on the tax return
- failure to remit employees’ source deductions
- failure to report an amount of GST/HST (which may include undisclosed liabilities or improperly claimed refunds or rebates or unpaid tax or net tax from a previous reporting period)
- failure to file information returns