Voluntary Disclosure Program (VDP)

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Voluntary Disclosure Program (VDP)
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-program-vdp-in-canada-come-clean-with-taxman/
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If you have intentionally misreported, consider
the Voluntary Disclosure Program (VDP). You will
still have to pay the taxes owing and the
interest generated due to the corrections but if
your application is accepted by the CRA you could
receive penalty relief or prosecution relief and
some of your interest generated could also be
waived off.
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To apply for VDP, certain criteria need to be met

• The disclosure must be made before the CRA finds
  out about it and contacts you.
• ii) You should provide complete information.
• iii) The information must be older than a year
• iv) You must be facing penalties or tax charges.

It is always advisable to seek professional
advice from a qualified accountant as it is
difficult to keep track of all the rules and
changes made in tax filing. You are also more
prone to making mistakes that could cost you a
lot if you do not have the proper knowledge. If
you are looking for expert advice and assistance
regarding your individual income tax return,
corporate taxes, or cross-border income tax
matters, Maroof HS CPA Professional Corporation
is here to help you.
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You can reach us at 3-100 Hanlan Road,
Woodbridge, ON L4L 4V8 Phone [phone] Emai
l Canada_at_MaroofHS.com https//www.maroofhs.com/c
ontact/ https//twitter.com/MaroofHS https//www
.facebook.com/MaroofHSCPA