The Canada Revenue Agency (the “CRA”) and Québec Revenue Agency’s (the “QRA”) voluntary disclosure programs allow taxpayers that meet certain conditions to correct inaccurate or incomplete information previously submitted in their income tax returns, or to disclosure information not previously reported in their tax forms.
Time is running out for Canadians with undisclosed income and/or unreported foreign property. Our lawyers have finalized hundreds of disclosures in the past and are available to help you.
Contact Nicolas Simard by mail (nsimard@fasken.com) or phone 514-397-5288 to get a free consultation.
Considering the recent changes made to the CRA’s voluntary disclosure program, which came into effect on March 1, 2018, making a voluntary disclosure has become more challenging than in the past, especially when the taxpayer resides in the Province of Québec. The CRA and QRA’s disclosure programs are different and the ability to navigate through those differences will guarantee the disclosure’s successful outcome.
With the automatic exchange of financial information already in place between over 100 jurisdictions across the globe, who have pledged to exchange financial information by the end of 2018, the likelihood of Canadian tax authorities learning about undisclosed offshore accounts has significantly increased in the past 18 months.
In order to avoid significant penalties, the threat of criminal prosecution and a substantial part of interest on tax, taxpayers are encouraged to file a voluntary disclosure as soon as possible.
