Posted by Support1 January 07 2014
Tagged Under : Voluntary Disclosure Program Canada
The Voluntary Disclosure Program Canada is governed by the Canada Revenue Agency (CRA). This program is compliant with the tax laws of Canada. You can go forward and rectify your tax issues through the Voluntary Disclosure Program Canada.
The disclosure is filed to rectify the incomplete or inaccurate information that may have been given previously to the CRA. The Voluntary Disclosure Program Canada includes all that information that you may have previously reported which you deemed later was complete or accurate.
All taxpayers in Canada can make a voluntary disclosure. You can be a business or a trust, an individual, resident, ?non-resident or an employer. You can authorize a representative to submit a voluntary Disclosure?on your behalf.
Some of the typical information that is reported through the?Voluntary Disclosure Program Canada may be source deductions which have not been reported or it may be personal and business earnings which may not have been reported from all sources that are within or outside of Canada. The Voluntary Disclosure Program?may also include income tax returns which are filed late through the T1 and T2 forms. It may also include all those expenses that you were not eligible to claim including the GST or HST omissions.
Through, a voluntary and valid disclosure with the CRA, you would end up paying only those taxes that you owe along with the interest. Penalties could be avoided and so can be the possible prosecution through the information given under the Voluntary Disclosure Program in Canada.
A disclosure to be valid has to meet certain conditions. Such as, it has to be a voluntary disclosure. It has to be made before you are notified of any compliant action that may be initiated by the CRA. The Voluntary Disclosure Program Canada has to include information which is more than a year overdue. The information has to be complete, supporting the disclosure submission. The Voluntary Disclosure Program Canada has to be submitted through Form RC199. It must involve penalties for Voluntary Disclosure Program to apply, etc.
You can receive the benefits of the Voluntary Disclosure Program Canada for the information provided by you and disclosed on the effective date of disclosure which is the date the CRA receives your form and stamps the acknowledgment.
Once the CRA receives your submission, it will keep you advised in writing of its decision either to accept or reject the disclosure. If you feel that the decision was not a fair one, you can ask for a second review of the file. If your original disclosure was rejected as you were not able to provide the requested information within the specified time frame, then the CRA will not accept your request even for a second review.
Through the Voluntary Disclosure Program Canada, you can even make a disclosure anonymously and this procedure is known as the `no-name? process. You have to identify yourself, however, in a period of three months.
There is no limit assigned as to the period the voluntary disclosure program Canada may request information for. If you have not been able to file for many years, then you are expected to bring all the tax years up to date.