Do I Need a Lawyer or an Accountant to do VDP in Canada

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Do I Need a Lawyer or an Accountant (CPA) to do
VDP in Canada?
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-program-vdp-in-canada-come-clean-with-taxman/
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Are you confused about whether to hire a lawyer
or accountant to complete your Voluntary
Disclosure Program? What if we tell you that you
don't need them? But before getting into that, we
need to learn more about the CRA's Voluntary
Disclosure Program. Read on to know more.
What is the Voluntary Disclosure Program?
Many people make errors, intentional omissions,
or misreporting regarding taxes. If you happen to
be one of those people, there's a way around it.
There is a chance that you will be treated fairly
by the Canadian tax system. Through the Voluntary
Disclosure Program (VDP), run by the CRA, you get
a second chance to fix any inaccurate or late tax
files. The voluntary disclosure program allows
taxpayers to make changes to their tax affairs.
VDP lets you correct your mistakes of the ten
prior taxation years. Additionally, VDP aids in
shielding non-compliant taxpayers from legal
action. If you need to file pending tax returns
with the CRA or correct prior tax files as a
person or corporation, you should consider the
voluntary disclosure program.
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How to Apply for VDP?
Gather all the necessary information through
considerable research. Start putting together
your application Prepare all the data
submitted with the amended or omitted income tax
returns for the applicable periods. Complete
form RC199, include all necessary documentation
and mail it to CRA. If you need to make
changes to income tax returns that you have
already filed for prior years, you may need to
speak with a licensed tax accountant. The
forms can be electronically submitted by your tax
accountant as well.
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Do I Need a Lawyer or an Accountant to do VDP in
Canada?
No, not always! It depends on the amounts at
stake. If significant amounts are at stake, try
speaking with an income tax accountant. The
accountant can let you know if a lawyer is needed
or not. But if the error or omission is simple
and the monetary amounts are insignificant, you
can submit the VDP application yourself, after
going through the instructions on CRA
website. You should speak with a lawyer or an
accountant if there are severe tax violations and
non-compliances. Also, hiring a qualified
accountant assures you that your VDP application
is technically complete. If needed, a lawyer
should be engaged. Keep in mind that the
Voluntary Disclosure Program applications filed
by those who have purposefully avoided their tax
obligations will not be granted the same relief
as those who want to correct an unintentional
error.
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