[vc_row][vc_column width=”1/1″][vc_column_text]Overdue returns can be filed by Voluntary disclosure program. There is tax help for individuals who have fallen behind in their tax filings, but there are certain conditions that must be met before a tax payer can take advantage of this.
The Requirements for Voluntary Disclosure
Four conditions must exist for an individual or Corporation to use the Voluntary Disclosure Program (VDP):
- The disclosure must be voluntary. If you are already being investigated by CRA, it is too late.
- You must initiate the disclosure and contact the CRA before they contact you!
- The disclosure must be complete and accurate.
- The disclosure needs to involve a penalty. If no penalty exists then declare and file your return as usual.
Disclosure must be information that is over one year old or, if less than one year, not simply employed as an attempt to use this program to file late and avoid penalty. This can be a little confusing and no matter whether you are eligible for assistance through the voluntary disclosure program or not, you really need to get your taxes filed. By not doing so the financial clock is ticking and you are compounding penalties and interest.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/1″][vc_separator color=”grey” align=”align_center”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]
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We’re Here to Help
If you require personal or business accounting or bookkeeping services, make sure to call the professional Hamilton accountants at Envolta. Building relationships with our clients is our number one priority -You are not just a number. If you are not 100% satisfied with your service, we will give your money back.
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