Tax voluntary disclosures for Canadian residents
As anticipated, the Canada Revenue Agency has been put on notice to restrict its Voluntary Disclosures Program.
Voluntary disclosures program
The Voluntary Disclosures Program: A “second chance” to come forward and correct tax affairs
In 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”Will you do the job for cash? It's risky business
Before you begin a construction or renovation project, remember this: there are significant risks if you accept cash for the job without reporting your income.
