2016-12-08 00:00:00TaxesEnglishFind out what the Voluntary Disclosures Program is and what to do if your disclosure is accepted or refused.https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/10/business-owner-changes-tax-return-under-voluntary-disclosures-program.jpghttps://quickbooks.intuit.com/ca/resources/taxes/voluntary-disclosures-program/Voluntary Disclosures Program

Voluntary Disclosures Program

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The Canada Revenue Agency offers the Voluntary Disclosures Program to give taxpayers, including small business owners, a chance to make changes to a previously filed tax return or to file a missed tax return without penalties. After submitting your disclosure, the CRA may contact you to request additional information. You must provide the information within the period specified on the letter.

If the CRA accepts your disclosure, you are required to pay the tax you owe as soon as possible or you’ll be charged interest. If the CRA refuses your disclosure after you provided all of the required information, you may write to the assistant director of the tax centre that made the decision to request a review of your file.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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