A successfully filed Voluntary Disclosure eliminates the possibility

of penalties and criminal prosecution, allows for partial interest

relief and, in several cases, enables the taxpayer to limit the years

required to qualify as a “complete” disclosure to ten, and possibly

fewer, years. Our experienced Calgary Income Tax Lawyer handle

Voluntary Disclosures relating to unreported offshore bank accounts

and unreported offshore income on a frequent basis and can manage

the process to ensure the best possible outcome.

Any Canadian taxpayers who have unreported internet income are

subject to tax prosecution for income tax evasion as well as civil tax

penalties for unreported income. However there is a way to avoid

these tax penalties because the Canada Revenue Agency wants to

promote voluntary compliance with Canadian tax laws, through a

tax amnesty with the voluntary disclosure program (VDP). The

Canadian taxpayer who has not reported income has to initiate a

voluntary disclosure with CRA through one of our Toronto tax

lawyers before the tax man commences an income tax audit of

unreported internet income. Contact one of our top Toronto Income

Tax lawyers now for assistance, before CRA contacts you.

CRA has provided the latest statistics about the tax amnesty or

voluntary disclosure program (VDP) for the previous fiscal year.

CRA provides an annual report to parliament that provides a wealth

of information about its activities over the past year. The 2014-2015

CRA Annual Report to Parliament was released in late January 2016

and is tabled in Parliament annually by the Minister of National

Revenue, under the legal requirements of the Canada Revenue

Agency Act. The report contains comprehensive information on the

performance of the CRA. It is clear from this report that the

Canadian voluntary disclosure program is being utilized more by

Toronto tax lawyers and Canadian taxpayers.

In order to qualify for a Canadian voluntary disclosure the

Canadian taxpayer must approach CRA and initiate the

voluntary disclosure, either as a no-names voluntary

disclosure or with identify fully disclosed, before any

contact from CRA. If CRA has initiated an audit or

investigation, or even sent an enquiry letter, it will generally

be too late to qualify for the VDP tax amnesty with respect

to the subject matter of the enquiry. If you have undisclosed

income tax issues contact one of our Toronto income tax

lawyers for a consultation before CRA contacts you.

Panama Papers –Offshore Tax Haven Secrecy is an Illusion

– Toronto Tax Lawyer Comment As headlines are talking

about an unprecedented leak of secret papers and data

involving murky and even illegal offshore financial

transactions, governments across the world began

investigating possible financial wrongdoing by the rich and

powerful including prominent politicians and celebrities.

A CRA voluntary disclosure submission is primarily a legal

tax procedure that can on occasion lead to a tax court battle,

so should be submitted by a Toronto tax lawyer. The related

tax returns or T1135 forms are tax compliance filings and

should therefore be prepared by a tax accountant and

reviewed and submitted by the Canadian tax lawyer. The

voluntary disclosure process should be collaborative with

both a Canadian tax attorney and an accountant involved.

Thank you for your valuable time to watch our power point presentation regarding CRA

voluntary discloser program.

Visit

www.CanadianTaxAmnesty.ca