The Voluntary Disclosure Program with the Canada Revenue Agency promotes compliance by encouraging taxpayers to voluntarily come

The Voluntary Disclosure Program with the Canada Revenue Agency promotes compliance by encouraging taxpayers to voluntarily come forward and correct and/or report previous omissions.  The program is designed to eliminate any penalties incurred for non-compliance.   

Situations that may qualify for the program include:

• Income from employment or business that was not reported or was under-reported
• Capital gains that were left off a previous return
• Errors made on an already-filed tax return
• Foreign income that should have been declared in Canada
• Deductions or expenses that were improperly claimed
• Failure to file Form T1135 – Foreign Income Verification Statement

Voluntary disclosure applications can relate to both income tax matters and GST/HST issues.