not filed a return, you may be eligible for the Voluntary Disclosure in order to avoid penalties, interest, and even prosecution - but this is a complex process requiring expert guidance - you only have one shot!
Only one shot? Yes, and there are a number of ways to
get your VDP application rejected. Here are just a few of the most common:
·
Contact CRA,
triggering them to contact you before you make your application (once CRA I
aware, it is no longer voluntary, and is therefore invalid)
·
Disclose only one tax
year when you owe another – disclosure must be complete
· Disclose one type of tax when you
owe another (e.g. HST and Income tax often go together) – disclosure must be
complete
· Be dishonest or omit information
from the application
· Not managing the VDP process
properly
·
Filing
the application incorrectly
What you need to qualify:
·
Disclosure must be
complete
·
Disclosure must be
voluntary
·
Must involve a tax
debt at least 1 year old
·
Must involve a penalty
It is even
possible to test the CRA’s acceptance of your application on a no-name basis.
This process is somewhat more complicated but with the right experience is well
recommended to start the clock of protecting you from the consequences of
non-disclosure.
If you
have undeclared income, unfiled returns or have claimed expenses or deductions
that are not entirely valid you would likely benefit from a professionally
handled application under the Voluntary Disclosure Program. It will save you on penalties and interest,
avoid criminal prosecution and most importantly no more sleepless nights or
looking over your shoulder.
Lastly, do
not be afraid of the tax debt that will come to light. Professional tax solution companies like ours
have the experience needed to extract fair and reasonable payment plans from
CRA. Please call us today at 1-888-868-1400.
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