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valid disclosure

By Cristina Lavecchia | 3 Minutes Read March 14, 2016

The Voluntary Disclosures Program: A “second chance” to come forward and correct tax affairs

small-busines-tax-complianceIn light of the Canada Revenue Agency’s (CRA) annual report revealing that there has been a significant increase in the number of Canadians coming forward to correct their tax affairs under the Voluntary Disclosures Program (VDP), we wanted to give some insight into what the VDP is about.
Essentially, the VDP gives a taxpayer a “second chance” and the opportunity to come forward and disclose a tax mistake or omission about income or other reporting on their tax return. The following are a few questions that we thought most readers would want answered regarding the VDP. To help us answer the following questions, we went to tax specialist Michael Friedman. Mr. Friedman is a tax partner at McMillan LLP and head of the firm’s Tax Group.

Q.  If I am a taxpayer who is currently thinking of using the VDP, do I require a tax lawyer or any other tax

… Continue reading “The Voluntary Disclosures Program: A “second chance” to come forward and correct tax affairs”

Article by Cristina Lavecchia / Business, Finance and Accounting, Payroll / Canada Revenue Agency, CRA, Form RC199, named disclosure, No-names disclosure, tax affairs, Taxpayer Agreement, valid disclosure, Voluntary disclosures program

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