The following is available on the Canada News Site
Begin the New Year with a clean slate and a clear conscience!
Ottawa, Ontario, January 3, 2008… Did you fail to file an accurate tax return or not file at all, but should have? The Canada Revenue Agency’s (CRA) Voluntary Disclosures Program may be able to help. The program allows people to come forward and correct their tax information and avoid being penalized, criminally investigated and prosecuted.
Last year the CRA processed 8,244 disclosures for taxpayers who used the Voluntary Disclosures Program and got a second chance to comply with their tax obligations. Coming clean saved these taxpayers from an audit or a criminal investigation, which can result in penalties, fines, and even jail time. Their valid disclosures involved more than $525 million in taxes.
By encouraging taxpayers to come forward and correct the information they filed with the CRA, the Voluntary Disclosures Program helps protect the tax base and makes tax administration fair for all Canadians.
If you make a full disclosure before we start any compliance action or investigation, you may only have to pay the taxes owing, plus interest. If we come to you first, you could end up paying penalties and fines, and even face jail time.
For more information about the Voluntary Disclosures Program, visit htpp://www.cra.gc.ca/voluntarydisclosures.
SOURCE: Canada Newsroom