From: canadarevenue.agency@hotmail.com   
      
   Canada Revenue Agency Voluntary Disclosure Latest Statistics :CRA SOTW   
      
   Canada: Voluntary Disclosure CRA Latest Statistics – Toronto Tax Lawyer   
   Commentary   
   Last Updated: February 9 2016   
      
      
   Article by David Rotfleisch    
   Rotfleisch & Samulovitch P.C.   
      
      
   Voluntary Disclosure & CRA Annual Report to Parliament – General Information   
      
   CRA has provided the latest statistics about the tax amnesty or voluntary   
   disclosure program (VDP) for the previous fiscal year. CRA provides an annual   
   report to parliament that provides a wealth of information about its   
   activities over the past year.    
   The 2014-2015 CRA Annual Report to Parliament was released in late January   
   2016 and is tabled in Parliament annually by the Minister of National Revenue,   
   under the legal requirements of the Canada Revenue Agency Act. The report   
   contains comprehensive    
   information on the performance of the CRA. It is clear from this report that   
   the Canadian voluntary disclosure program is being utilized more by Toronto   
   tax lawyers and Canadian taxpayers.   
      
      
   Voluntary Disclosure – Toronto Tax Lawyer General Summary   
      
   The Voluntary Disclosures Program (VDP) or tax amnesty program gives Canadian   
   individual taxpayers and corporations with an opportunity to correct   
   inaccurate or incomplete information, or to disclose information not   
   previously reported without the risk    
   of prosecution and with no penalties and a possible reduction in interest.   
   Included are Canadian taxpayers who have not have met their income tax   
   obligations because they had unreported income including offshore or internet   
   based income such as Uber,    
   ebay sales or airbnb rentals, or they claimed expenses they were not entitled   
   to, failed to collect or remit payroll source deductions or GST/HST, or did   
   not file an information return such as a T1135 or T1134 for offshore assets.   
   Canadian taxpayers who    
   make a valid income tax voluntary disclosure will have to pay the taxes or   
   charges owing plus interest, but are not subject to civil penalties or   
   prosecution.   
      
      
   Voluntary Disclosure – Statistics for 2014-2015   
      
   CRA reports that the total unreported income from all voluntary disclosures   
   was over $1.3 billion. This represents an increase of 65% over the amount   
   reported in the 2013‐2014 fiscal year annual report to parliament. The   
   growing importance of offshore    
   tax enforcement efforts is evidenced by the amount of unreported income from   
   offshore voluntary disclosures of $780 million, an increase of 157% from   
   2013‐2014. The number of disclosures and the amount of undeclared   
   disclosures, in part due to    
   continued international efforts to share tax data, made up most of the   
   increase.   
   Finally, the tax department states that there were 19,134 voluntary   
   disclosures received in fiscal year 2014‐2015, an increase of 21% over the   
   prior year.   
      
      
   Voluntary Disclosure – Timing for Disclosure   
      
   In order to qualify for a Canadian voluntary disclosure the Canadian taxpayer   
   must approach CRA and initiate the voluntary disclosure, either as a no-names   
   voluntary disclosure or with identify fully disclosed, before any contact from   
   CRA. If CRA has    
   initiated an audit or investigation, or even sent an enquiry letter, it will   
   generally be too late to qualify for the VDP tax amnesty with respect to the   
   subject matter of the enquiry. If you have undisclosed income tax issues   
   contact one of our Toronto    
   income tax lawyers for a consultation before CRA contacts you.   
      
   The content of this article is intended to provide a general guide to the   
   subject matter. Specialist advice should be sought about your specific   
   circumstances.   
      
      
   ----------------------------------------------------------    
   Miss a Tax Tale Miss a lot!    
   Visit the CRA SOTW Library at http://canada.revenue.agency.angelfire.com    
      
   ------------------------------------------------------------    
   Alan Baggett - http://www.taxcollectorsbible.com/ - Tax Collector's Bible   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)