The Canada Revenue Agency has launched a new programme commonly known as “voluntary disclosure”.
Through this type of programme, a taxpayer who has failed to report income or to make payments for previous years can file an application with Canada Revenue in order to “voluntarily update” his file and avoid the assessment of penalties and/or criminal prosecution.
By taking advantage of such programme, a taxpayer can avoid some very serious potential problems.
The taxation authorities consider their “voluntary disclosure” policy to be a very important, even driving, tool to promote voluntary compliance with the law by permitting taxpayers to regularize their tax situation and at the same time avoid potential penalties as wells as, under certain cirmumstances, criminal prosecution.
However, Canada Revenue requires that certain conditions be satisfied before it allows a taxpayer to make a “voluntary disclosure”. Contact us for more information…
Our law firm offers to any taxpayer wanting to “update” his tax file and regularize his situation, relevant expert advice to negociate this type of comprehensive settlement agreement. It is even possible to have prior discussions with the taxation authorities without having to disclose the taxpayer’s name, to determine if such a settlement proposal is possible.
Louis Sirois, Tax Lawyer