Much more benign that the IRS Voluntary disclosures – OVDP, etc.
Before you waste time and money paying a “Tax Solution” company to walk you through the CRA’s Voluntary Disclosure Program (VDP), you need to read this post and learn the facts they don’t want you to know…
In order to “qualify” for the Voluntary Disclosure Program, there are some important facts which must be taken into consideration first;
- The disclosure must be voluntary, and by voluntary, the CRA means that the business or taxpayer must not be aware of or have knowledge of an audit, investigation or other enforcement action set to be conducted by the CRA, or initiated by the CRA, with respect to the information being disclosed.
- The disclosure must be complete, meaning that all information must be disclosed and all the outstanding years must be filed in this application.
- The disclosure must involve the application of a penalty, such as, but not limited to, Late Filing Penalties…
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