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CRA News Release, re Voluntary Disclosure

Posted By Dan White On July 10, 2009 @ 10:41 am In Tax Tips | No Comments

This was published as a news release by CRA.

While it is somewhat propaganda, there is truth to the point, that one should not evade taxes. However not being a tax evador does not mean not minimizing the tax you pay.

Our advice is play the game to win, which does include filing proper tax returns with legally defensible deductions.

If you are a non filer, you should check with an expert (call or email us) and find out your best strategy.

Dan White

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When it comes to your taxes, a clean slate means a clear conscience Ottawa, Ontario, April 6, 2009… Did you fail to file an accurate tax return or not file at all, but should have? Take advantage of the Canada Revenue Agency’s (CRA) Voluntary Disclosures Program and correct your tax information. By coming forward you may avoid being penalized, criminally investigated and prosecuted.

For the 2007-2008 fiscal year, the CRA processed approximately 8,400 disclosures for taxpayers who used the Voluntary Disclosures Program to get a second chance to comply with their tax obligations. Coming clean saved these taxpayers from an audit or a criminal investigation, which could have resulted in penalties, fines, and even jail time. These disclosures resulted in more than $373 million in assessed additional taxes.

By encouraging taxpayers to come forward and correct the information they filed with the CRA, the Voluntary Disclosures Program helps protect the tax base and puts all Canadians on a level playing field.

If you make a full disclosure before the CRA starts any compliance action or investigation, you may only have to pay the taxes owing plus interest, but not penalties or face prosecution.

For more information about how to come clean, see the Voluntary Disclosures Program at [1] www.cra.gc.ca/voluntarydisclosures.


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[1] www.cra.gc.ca/voluntarydisclosures: http://www.cra-arc.gc.ca/voluntarydisclosures/index.html

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