Voluntary Disclosure Program

If you owe money to any of the tax authorities because you failed to file a return for one or more years, you should take advantage of the voluntary disclosure program.

Typical voluntary disclosures include; domestic business income never reported, failure to collect or remit GST/HST and/or source deductions, information returns not previously submitted, foreign wages and benefits not reported, and domestic and foreign dividends and interest never reported.

Relief is determined on a case by case basis.

Things to note:

• You will pay only the tax due plus interest.
• No penalties will be assessed.
• You have to make a complete disclosure.
• The information must be more than a year old.
• Plus you must contact the Canada Revenue Agency prior to the start of an investigation or an audit.

For more information take a look at the CRA’s overview.

As always, if you have any questions we’re here to help! Stop by a Padgett office or call us at 250-744-3854.