Overdue returns can be filed by Voluntary disclosure program
There is tax help for individuals who have fallen behind in their tax filings, but there are certain conditions that must be met before a tax payer can take advantage of this.
The Requirements for Voluntary Disclosure
Four conditions must exist for an individual or Corporation to use the Voluntary Disclosure Program (VDP):
- [icon icon=”checkmark” color=”white” circle=”#4EB1BA”]The disclosure must be voluntary. If you are already being investigated by CRA, it is too late. You must initiate the disclosure and contact the CRA before they contact you![/icon]
- [icon icon=”checkmark” color=”white” circle=”#4EB1BA”]The disclosure must be complete and accurate.[/icon]
- [icon icon=”checkmark” color=”white” circle=”#4EB1BA”]The disclosure needs to involve a penalty. If no penalty exists then declare and file your return as usual.[/icon]
- [icon icon=”checkmark” color=”white” circle=”#4EB1BA”]Disclosure must be information that is over one year old or, if less than one year, not simply employed as an attempt to use this program to file late and avoid penalty.[/icon]
This can be a little confusing and no matter whether you are eligible for assistance through the voluntary disclosure program or not, you really need to get your taxes filed. By not doing so the financial clock is ticking and you are compounding penalties and interest.
I would be able to assist you in getting your late tax returns completed professionally to ensure they are done right. This is the first and most important step to getting yourself on the right track with your tax issues.