Voluntary Disclosure Program Experts
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A valid disclosure must meet specific conditions. It must be:
Applicants must also pay any taxes owing, although certain penalties and a portion of interest may be waived.
The CRA evaluates disclosures under two possible streams. The General Program offers more generous penalty and interest relief, typically for unintentional errors. The Limited Program applies in more serious cases and provides reduced but still meaningful relief from penalties.
Success in the VDP process depends on a well-prepared application supported by thorough documentation and a clear explanation of the circumstances. You need a strategy planned and executed by an experienced tax accounting consultant that helps ensure your submission meets all eligibility requirements and maximizes the relief available.
Unreported offshore income cases often involve complex tax rules, multiple jurisdictions, and significant documentation requirements. Our team has extensive experience dealing with the CRA on matters involving international assets, foreign income, and cross-border tax compliance.
We start by conducting a detailed review of your situation to identify the scope of unreported income and the records needed to support your disclosure. From there, we build a comprehensive strategy tailored to your case, ensuring every requirement of the Voluntary Disclosures Program is addressed.
Our goal is to protect you from the most severe financial and legal consequences by presenting your case in the strongest possible way. We act as your point of contact with the CRA, shielding you from unnecessary stress and ensuring communications remain clear, accurate, and in your best interest.
Choosing the right representative can make the difference between a rejected application and a successful outcome. With guidance from our specialized experts at Voluntary Disclosure Program Help, you can move forward with your life free from this tax stress, knowing that your case is being handled with discretion and experience.
Offshore income includes any earnings from sources outside Canada. This may involve interest, dividends, rental income, capital gains, or business profits from foreign investments, accounts, or property. Even if taxes were paid in another country, the income must still be reported to the CRA.
No. One of the eligibility requirements for the VDP is that your disclosure must be made before the CRA begins enforcement action or contacts you about the matter. Once an audit or investigation is underway, the option to apply is no longer available.
If accepted into the program, you may receive partial relief from interest charges, full or partial relief from penalties, and protection from criminal prosecution. You will still be required to pay any taxes owing, but the overall financial and legal consequences can be significantly reduced.
The CRA typically requires full disclosure for all years in which there was non-compliance. This can include several years of past filings, depending on the situation. Our team can help determine the exact reporting period based on CRA guidelines and your unique circumstances.
Yes. The information provided in a voluntary disclosure is treated confidentially by the CRA. In addition, we handle all communications on your behalf to maintain discretion and protect your privacy throughout the process.
The preparation phase depends on how quickly the necessary documents can be gathered. Once submitted, CRA processing times can range from several months to over a year, depending on the complexity of the case. We work to keep the process moving efficiently while ensuring your application is thorough and complete.
