Audit
Selected for an audit? Do you know your rights? Worried about making things worse? Feeling overwhelmed, confused and anxious?
The Voluntary Disclosure Program is available to taxpayers in the following situations:
· Unfiled personal and/or corporate tax returns
· Unreported income
· Unreported foreign assets
Whether you’ve not filed tax returns, underreported your income, or not disclosed all of your assets, a failure to pay your taxes to the Canada Revenue Agency (CRA) fully and accurately, could result in severe financial penalties, interest, and even criminal prosecution.
The good news is that there is a program which allows for taxpayers to come forward and correct their errors under the Canada Revenue Agency’s Voluntary Disclosures Program (VDP).
It truly is a second chance for taxpayers to correct their mistakes and avoid the severe repercussions mentioned above. A successfully done VDP process rewards taxpayers who cooperate with the CRA. Those rewards include the waiver of all penalties, a 50% reduction in arrears interest and the CRA will also waive their right of prosecution.
You will have the opportunity to engage Farber Tax Solutions and a reputable law firms which we have had long and successful working relationships, or both in whichever combination best meets your need. Every lawyer on their team has made Tax Law their focus and has extensive experience representing clients before the CRA and in all levels of court, including the Tax Court of Canada, and the Federal Court of Appeal.
… They never gave up on me and it was a very LONG process. I am beyond grateful for the final resolution. I would HIGHLY recommend them to anyone having issues with CRA. Thank you everyone, you have my gratitude always!READ MORE Vanessa Terveld
There are five conditions that you must be eligible for.
The most common include ineligible expenses, failure to file a tax return, and not reporting your full taxable income.