It is always wise to file tax return on time and ensure that the CRA receives accurate and comprehensive information. In fact, it isn’t always the case! Many Canadian taxpayers are apprehensive about dealing with the Canada Revenue Agency (CRA). They might have knowingly submitted incorrect information on their tax returns or mistakenly left out income. Because of poor or incomplete record-keeping, they sometimes supply incomplete information on previous returns. The CRA has a voluntary disclosure programme to encourage Canadians who had engaged in such behaviour to come forward and successfully come clean.
Voluntary Disclosure Program (VDP) has proven to be incredibly advantageous for taxpayers with undisclosed income or have been late in completing tax returns or information. Taxpayers who participate in the Voluntary Disclosure Program (VDP) can come forward without fear of facing penalties, and/or prosecution. If you have any previous tax-related issues, defaults or delinquencies then it is the right time to have a consultation with some income tax accountants registered with CPA Ontario and CPA Alberta in Canada. They did the best job for you and helps you to waive your penalties and substantial interest related to it. They’re even much useful for avoiding the annoyance of a CRA audit.
Are you contemplating making a voluntary disclosure? It is strongly recommended that you do so with the assistance of a professional income tax accountant registered with CPA Ontario and CPA Alberta in Canada. They help the taxpayers voluntarily come forward to fix errors or omissions in their tax filings. Make sure that correct taxes are calculated. They also ensure that your VDP application meet the eligibility criteria. In some cases, you will get penalty relief and partial interest relief that you had otherwise had to pay!
To be fair to all taxpayers, the CRA treats those who pay their taxes late by mistake more favourably than those who pay their taxes late on purpose. When you know you’ll owe taxes and face penalties, the Voluntary Disclosures Program may be worth considering. To ensure that this process is handled smoothly, professionally, and accurately, do not hesitate to seek the professional assistance of qualified income tax accountants registered with CPA Ontario and CPA Alberta in Canada.
A perfect mix of experience and ability makes the income tax issues a subject of ease. The income tax accountant team at Maroof HS CPA Professional Corporation examine your circumstances to see if the Voluntary Disclosures Program is the best solution for you. They will be happy to assist you throughout the entire process. For more information, please, contact them at +1(647)724-4308 or leave a message at [email protected] today!