Tax Tip: A Second Chance to Correct Your Tax Affairs

(firmenpresse) - OTTAWA, ONTARIO -- (Marketwired) -- 03/23/15 -- Did you know?

The Canada Revenue Agency (CRA) offers taxpayers a second chance to correct earlier mistakes and put their tax affairs in order. Through the Voluntary Disclosures Program (VDP) more Canadians than ever are coming forward and declaring previously unreported income or correcting inaccurate or incomplete information. The number of disclosures has steadily increased over the past five years.

Important Facts

By filing a valid voluntary disclosure with the CRA, you pay only the taxes you owe and interest, and may avoid penalties and potential prosecution related to the information accepted under the program. The disclosure must be voluntary, meaning you have to file a valid disclosure before you become aware that the CRA is taking action against you. If your tax affairs need to be corrected, come forward now and take this opportunity to make things right.

A valid disclosure must meet all four of the following conditions:

Who can use the VDP?

Anyone can use the VDP including, individuals, businesses, employers, payers, trusts and estates, whether a resident or non-resident of Canada.

What kind of information can I disclose?

Information not accepted under the VDP

How do I make a voluntary disclosure?

It's a very easy process and you can do it yourself. The first step is to complete and sign form , or send a letter with the same information as the RC199 to the tax centre responsible for your submission. However, if an authorized representative is submitting the documentation on your behalf, they must also include , or confirming your consent.

More information

To learn more about the Voluntary Disclosures Program, go to .

Stay connected

To receive updates when new information is added to our website, you can:

- Follow the CRA on Twitter - .

- Subscribe to a CRA .

- Add our to your feed reader.

You can also watch our tax-related videos on .



Contacts:
Philippe Brideau
Media Relations
Canada Revenue Agency
613-941-6269

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Bereitgestellt von Benutzer: Marketwired
Datum: 23.03.2015 - 15:12 Uhr
Sprache: Deutsch
News-ID 380391
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