Watch more episodes Eldad Gerb The voluntary disclosure program in Canada allows tax payers a way to voluntarily tell the government about issues with tax returns. In exchange for honesty the Canadian government will work with the tax payer to avoid fees and penalties provided the proper procedures and guidelines are followed. Sometimes mistakes are made with tax returns and using the voluntary disclosure program can help you with getting the mistakes corrected. For extreme cases it can also help for those who may have omitted certain details but the proper advice of a tax lawyer should be [More]
The Canada Revenue Agency’s Voluntary Disclosures Program (VDP) gives taxpayers a way to voluntarily come forward to put their tax affairs in order and correct past non-compliance. Taxpayers who use this program must pay any taxes owing, but they can avoid costly penalties and prosecution, and may also be entitled to partial interest relief.
Even if you’re filing your Canadian income tax return late, you may still be able to avoid paying penalties and/or interest if you file via the Voluntary Disclosure Program (VDP). Leave questions or comments below — I’ll try to help! Subscribe to our Two Minute Tax Tips newsletter: Visit our website at Like us on Facebook:
Here is an interesting video on YouTube .. * YouTube Description Tax lawyer Philippe DioGuardi discusses Switzerland’s decision to release the names of UBS Swiss bank account holders to the US and Canadian tax authorities. Source: