The Voluntary Disclosure Program with the Canada Revenue Agency promotes compliance by encouraging taxpayers to voluntarily come forward and correct and/or report previous omissions. The program is designed to eliminate any penalties incurred for non-compliance.
Some common items can include:
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- Unreported or under reported income from employment or business
- Unreported capital gains
- Any error made on a previously filed tax return
- Unreported foreign sourced income that is taxable in Canada
- Claimed ineligible expenses on a tax return
- Non reporting of the T1135 – Foreign Income Verification Statement
The above applications with CRA can cover both income tax and GST/HST