Voluntary Disclosure Program to Correct Cryptocurrency Transactions
                     Voluntary Disclosure Program to Correct Cryptocurrency
 Transactions
https://www.maroofhs.com/post/voluntary-disclosure-program-vd
p-in-canada-come-clean-with-taxman/
The cryptocurrency has become a mainstream investment activity for 
many in recent years. Many people who held the bitcoins long ago 
have drastic gains when they disposed off the bitcoins at the peak in 
2020.
Canada Revenue Agency require all the taxpayers to report gains or 
losses from transactions in cryptocurrencies.
During pandemic, many young investors have used their savings or 
benefits to buy cryptocurrencies. At end of the year, they are 
struggling to file taxes.
Recently Canada Revenue Agency in Canada and the Internal 
revenue Service in the United States have joined their forces to 
detect the taxpayers who are hiding their income from dealings in 
cryptocurrencies. Taxpayers are misguided that they can hide their 
income from taxman if they deal in cryptos because there is no public 
record. That’s not true anymore. The public ledger and other sources 
can help taxman figure out your non compliance. 
One way to correct the past non compliance is to use 
voluntary disclosure program (VDP) of Canada Revenue Agency. 
VDP protects from gross negligence penalties and criminal 
prosecution in Canada. If your gains and unreported income was high 
enough, you should consider using VDP. The VDP applications should 
be (though not required) processed in consultation with the 
professional income tax accountants in Canada.
If the non compliance is not more than a year old or not serious 
enough o attract gross negligence penalties, consider amending your 
income tax return in Canada.
Maroof HS CPA Professional Corporation is an Ontario and 
Alberta CPA firm. It provides full range of income tax services to 
taxpayers in Canada.
You can reach us at:
3-100 Hanlan Road, Woodbridge, ON L4L 4V8
Phone: (647)724-4308
Email: [email protected]
https://www.maroofhs.com/contact/
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