The voluntary disclosure program in Canada allows tax payers the opportunity to voluntarily tell the government certain issues with tax returns. In exchange for being honest, the Canadian government will work with tax payers and may waive the fees and penalties provided the proper procedures and guidelines are followed as set forth by the CRA.
Sometimes people make mistakes on tax returns without even knowing because they didn’t seek the proper advice from professional accountants or tax lawyers. This is where using the voluntary disclosure program can help you. By voluntarily telling the government about the mistakes, you may have the fees and penalties waived. But just because you didn’t know is not a good enough excuse.
For extreme cases it can also help those who may have omitted certain details. This is why the proper advice of an accountant or tax lawyer should be something you seek if you’re in this situation to understand the tax law in Canada.
Watch this episode with tax lawyer Eldad Gerb where Eldad will discuss and explain the voluntary disclosure program in Canada.
For more information on taxes, or if you’re looking for a tax lawyer contact:
Eldad Gerb, B.B.A., J.D.
Tax Lawyer / Devry Smith Frank LLP
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