Want to Come Clean on Your Tax Returns Before Canada Revenue Catches You?
CRA Offers an Amnesty Program. Come Clean and You Can Get a Second Chance
Do you owe back taxes or did you maybe not declare some income?
Use CRA's Voluntary Disclosures Program to avoid prosecution
YOU SHOULD CONSULT A TAX LAWYER BEFORE YOU CONTACT THE CRA
If you did not file a return or did not declare everything on your income tax returns or your GST/HST returns, you can get a second chance to set the record straight and come clean.
The CRA (Canada Revenue Agency, the income tax police) offers a Voluntary Disclosures Program which allows taxpayers to come forward voluntarily and correct their tax situation.
If you make a full disclosure before the CRA begins a review, an audit or an investigation, you may only have to pay the taxes owing, plus interest and avoid penalties or criminal prosecution.
VOLUNTARY DISCLOSURE OF
UNDECLARED INCOME TAX
CRA says: "You can make this disclosure yourself, for free, and you do not have to hire a third party to help you."
If you do that, you are like a lamb to the slaughter. You need to consult a tax lawyer to be sure you know what you are getting into and to protect you from an overly ambitious CRA clerk with a quota to meet. Remember a survey revealed that 30% of the time CRA staff gave the wrong answer to taxpayer questions.
A lawyer cannot be forced to testify against you. Your accountant has no such immunity and could actually be required to testify against you whether he wants to or not.
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DO YOU OWE AND CANNOT PAY?
Back penalties and interest charges owed as a result of natural disasters or severe personal difficulties may be reversed by requesting Taxpayer Relief using CRA form RC4288, Request for Taxpayer Relief.