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Voluntary Disclosure

If you have past due tax returns you do not, nor should you wait for the CRA to send you a ‘notice to file’ order. In either scenario, there is relief available when certain conditions are met.

Voluntary Disclosure

Taxpayers, (corporations, or individuals), must meet the following requirements:

  • 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.

The results of a voluntary disclosure are easier to deal with than those of a ‘notice to file.’ This is because as a taxpayer coming forward with this information the CRA is more willing to waive most penalties associated with late taxes. No one needs to put themselves through the stress of dealing with either situation, which is why it is wise to always pay tax.

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If you require personal or business accounting or bookkeeping services, make sure to call the professional Brampton 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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