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Do I Need a Lawyer or an Accountant to do VDP in Canada

Keep in mind that the Voluntary Disclosure Program applications filed by those who have purposefully avoided their tax obligations will not be granted the same relief as those who want to correct an unintentional error. More info visit https://www.maroofhs.com/post/voluntary-disclosure-program-vdp-in-canada-come-clean-with-taxman/

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Do I Need a Lawyer or an Accountant to do VDP in Canada

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  1. Do I Need a Lawyer or an Accountant (CPA) to do VDP in Canada? https://www.maroofhs.com/post/voluntary-disclosure-program-vdp-in-canada-come-clean-with-taxman/

  2. Are you confused about whether to hire a lawyer or accountant to complete your Voluntary Disclosure Program? What if we tell you that you don't need them? But before getting into that, we need to learn more about the CRA's Voluntary Disclosure Program. Read on to know more. What is the Voluntary Disclosure Program? Many people make errors, intentional omissions, or misreporting regarding taxes. If you happen to be one of those people, there's a way around it. There is a chance that you will be treated fairly by the Canadian tax system. Through the Voluntary Disclosure Program (VDP), run by the CRA, you get a second chance to fix any inaccurate or late tax files. The voluntary disclosure program allows taxpayers to make changes to their tax affairs. VDP lets you correct your mistakes of the ten prior taxation years. Additionally, VDP aids in shielding non-compliant taxpayers from legal action. If you need to file pending tax returns with the CRA or correct prior tax files as a person or corporation, you should consider the voluntary disclosure program.

  3. How to Apply for VDP? • Gather all the necessary information through considerable research. • Start putting together your application • Prepare all the data submitted with the amended or omitted income tax returns for the applicable periods. • Complete form RC199, include all necessary documentation and mail it to CRA. • If you need to make changes to income tax returns that you have already filed for prior years, you may need to speak with a licensed tax accountant. • The forms can be electronically submitted by your tax accountant as well.

  4. Do I Need a Lawyer or an Accountant to do VDP in Canada? No, not always! It depends on the amounts at stake. If significant amounts are at stake, try speaking with an income tax accountant. The accountant can let you know if a lawyer is needed or not. But if the error or omission is simple and the monetary amounts are insignificant, you can submit the VDP application yourself, after going through the instructions on CRA website. You should speak with a lawyer or an accountant if there are severe tax violations and non-compliances. Also, hiring a qualified accountant assures you that your VDP application is technically complete. If needed, a lawyer should be engaged. Keep in mind that the Voluntary Disclosure Program applications filed by those who have purposefully avoided their tax obligations will not be granted the same relief as those who want to correct an unintentional error.

  5. You can reach us at: 3-100 Hanlan Road, Woodbridge, ON L4L 4V8 Phone: (647)724-4308 Email: Canada@MaroofHS.com https://www.maroofhs.com/contact/ https://twitter.com/MaroofHS https://www.facebook.com/MaroofHSCPA

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