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 in 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 representatives and agents. 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 Ontario residents from all walks of life who are fined and sentenced for failing to file tax returns. Every year, thousands of Canadians face penalties such as (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.
A new client of ours had been audited by the CRA. It was discovered that their previous accountant had made many errors and had made many adjustments to their tax records. This company needed someone who could fix their books, records and amend 3 years worth of personal and corporate tax returns.
Our firm took over the file and started working on their books from the beginning. Corrections were made throughout the company’s books and records. Corrections were also applied to 3 years worth of personal and corporate tax returns. These adjustments were submitted to the CRA and the results were very favourable for our client.
This client has continued to use our firm for handling their business and personal financial affairs.
“Sam is a solid character with high standards and ethics which make his firm excellent.”