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Voluntary Disclosure Program (VDP)

Voluntary Disclosure Program (VDP)

If you have intentionally misreported, consider the Voluntary Disclosure Program (VDP). You will still have to pay the taxes owing and the interest generated due to the corrections but if your application is accepted by the CRA you could receive penalty relief or prosecution relief and some of your interest generated could also be waived off.

To apply for VDP, certain criteria need to be met:

i) The disclosure must be made before the CRA finds out about it and contacts you.

ii) You should provide complete information.

iii) The information must be older than a year

iv) You must be facing penalties or tax charges.

It is always advisable to seek professional advice from a qualified accountant as it is difficult to keep track of all the rules and changes made in tax filing. You are also more prone to making mistakes that could cost you a lot if you do not have the proper knowledge.

If you are looking for expert advice and assistance regarding your individual income tax return, corporate taxes, or cross-border income tax matters, Maroof HS CPA Professional Corporation is here to help you.

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