Keep in mind that the Voluntary Disclosure Program applications filed by those who have purposefully avoided their tax obligations will not be granted the same relief as those who want to correct an unintentional error. More info visit https://www.maroofhs.com/post/voluntary-disclosure-program-vdp-in-canada-come-clean-with-taxman/
Do I Need a Lawyer or an Accountant to do VDP in Canada
Do I Need a Lawyer or an Accountant (CPA) to do VDP in
Canada?
https://www.maroofhs.com/post/voluntary-disclosure-program-
vdp-in-canada-come-clean-with-taxman/
Are you confused about whether to hire a lawyer or accountant to
complete your Voluntary Disclosure Program? What if we tell you that
you don't need them? But before getting into that, we need to learn
more about the CRA's Voluntary Disclosure Program. Read on to
know more.
What is the Voluntary Disclosure Program?
Many people make errors, intentional omissions, or misreporting
regarding taxes. If you happen to be one of those people, there's a
way around it. There is a chance that you will be treated fairly by the
Canadian tax system. Through the Voluntary Disclosure Program
(VDP), run by the CRA, you get a second chance to fix any inaccurate
or late tax files.
The voluntary disclosure program allows taxpayers to make changes
to their tax affairs. VDP lets you correct your mistakes of the ten
prior taxation years. Additionally, VDP aids in shielding non-
compliant taxpayers from legal action. If you need to file pending tax
returns with the CRA or correct prior tax files as a person or
corporation, you should consider the voluntary disclosure program.
How to Apply for VDP?
• Gather all the necessary information through considerable
research.
• Start putting together your application
• Prepare all the data submitted with the amended or omitted
income tax returns for the applicable periods.
• Complete form RC199, include all necessary documentation and
mail it to CRA.
• If you need to make changes to income tax returns that you have
already filed for prior years, you may need to speak with a licensed
tax accountant.
• The forms can be electronically submitted by your tax accountant
as well.
Do I Need a Lawyer or an Accountant to do VDP in Canada?
No, not always! It depends on the amounts at stake. If significant
amounts are at stake, try speaking with an income tax accountant.
The accountant can let you know if a lawyer is needed or not. But if
the error or omission is simple and the monetary amounts are
insignificant, you can submit the VDP application yourself, after going
through the instructions on CRA website.
You should speak with a lawyer or an accountant if there are severe
tax violations and non-compliances. Also, hiring a qualified
accountant assures you that your VDP application is technically
complete. If needed, a lawyer should be engaged.
Keep in mind that the Voluntary Disclosure Program applications
filed by those who have purposefully avoided their tax obligations will
not be granted the same relief as those who want to correct an
unintentional error.
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Phone: (647)724-4308
Email: [email protected]
https://www.maroofhs.com/contact/
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