Voluntary Disclosure and Chartered Professional Accountant: A Taxpayer’s Saving Grace
Are you at risk of a CRA Audit Toronto? Are you undergoing a CRA Audit Toronto? If you have made mistakes on your tax returns or not been fully forthcoming in them, you could face serious consequences that a Chartered Professional Accountant could help prevent through a Voluntary disclosure.
Tax evaders are caught by CRA Audit Toronto. Take the case of an Ontario dentist that was sentenced to 5 years in jail just a few days ago for criminal tax evasion. Or that of the Niagara resident who was sentenced to 4 months jail and fined $168,235 for deliberately not reporting income. Or the many Ontarians, from all walks of life, that are fined and sentenced for failing to file tax returns. Every year, thousands of Canadians face penalties (up to 200%), interest, fines (often 100%), house arrest, and jail time because of mistakes or intentional tax evasion. This is on top of the taxes owing discovered by the CRA Audit Toronto. Their names are published by the CRA. Many lose their savings, their homes, their property, and their freedom. The small savings in tax is usually offset by the combined weight of fines, interest, and penalties many times the mount saved or the person’s net worth.
This doesn’t have to be the case. The CRA offers amnesty through Voluntary Disclosure. Voluntary disclosures take fines, penalties, and prosecution of the table. Whether you are or might be subject to a CRA Audit Toronto, your Chartered Professional Accountant can help you with a Voluntary Disclosure. Chartered Professional Accounts who specialize in Voluntary Disclosures know how to quickly and effectively remove the risk. Don’t lose sleep and your savings, don’t cost your family what you’ve gained through hard work. Come clean with a Voluntary Disclosure. The process and requirements of a Voluntary Disclosure are complicate, but that is what your Chartered Professional Accounts is here for.
NOTE:Articles are for general information only and do not constitute tax advice nor can they be relied upon.
Sam Faris is a Toronto-based Chartered Professional Accountant who practices as an independent consultant on high-level Canadian tax matters and handling disputes with CRA.He also published an article recently in the business magazine: HERE.