How to Report Missed Income or Hidden Assets in Canada
                     How to Report Missed Income or Hidden Assets in Canada, 
Come Clean?
https://www.maroofhs.com/post/voluntary-disclosure-program-vd
p-in-canada-come-clean-with-taxman/
How to Report Missed Income or Hidden Assets in Canada, 
Come Clean?
Want to come clean about your missed income or hidden assets in 
Canada? Is it possible? How exactly can you do it? In this article, we 
will be discussing the method to report your missed assets to the 
CRA. Read on to learn more about the process.
What is CRA's Voluntary Disclosure Program (VDP)?
When it comes to taxes, many people make mistakes or intentionally 
omit or misreport information. If you are one of these people, you 
may be able to get on the right side of the Canadian tax system. A 
Canadian taxpayer can apply to the Voluntary Disclosure Program 
to reduce late filing penalties (VDP). This program allows taxpayers 
to correct unintentional errors or omissions on their income tax 
returns a second time.
What are the conditions to apply for VDP?
You can submit a Voluntary Disclosure Program to:
• Correct any missing or incorrect information in your tax returns.
• Include information or income that you did not disclose in 
previous tax returns.
• Rectify previously claimed ineligible expenses; remit tax 
deductions at source in the case of employees.
• Returns for missing information, such as T-1135, must be filed.
• Include foreign income that is taxable in Canada but is not 
reported.
• Rectify any underreported business or other income.
• VDP can be used to correct or include any information that may 
result in penalties or legal action.
• Any income or expense that affects your taxation for the tax year 
is included in the information.
How to Apply for VDP?
First, conduct extensive research to gather all the necessary 
information and begin assembling your application. Prepare all of the 
information that must be included with the amended or omitted 
income tax returns for the applicable periods.
After, fill out Form RC199. Make sure to include all required 
documentation, and mail it to CRA. If you need to make changes to 
previous years' income tax returns, you may need to consult with a 
licensed tax accountant. Your tax accountant can also electronically 
submit the forms.
Keep in mind that if there are large amounts at stake, it is better to 
consult with a tax accountant or a lawyer. However, if the error 
or omission is minor and the monetary amounts are small, you can 
submit the VDP application independently.
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