Get a Fresh Start: Resolve Unreported Domestic Income & Assets with the CRA
Unreported or undeclared income/assets causing anxiety? Capital Tax Law guides you through the CRA’s Voluntary Disclosure Program (VDP) for a smoother resolution. Free consultation!
Facing Unreported or Undeclared Income & Assets? The CRA Offers a Path Forward
Disclosing previously unreported or undeclared income or assets to the Canada Revenue Agency (CRA) can be a daunting prospect. At Capital Tax Law, we understand the complexities of tax law and the anxieties associated with non-compliance. We’re here to help you navigate the CRA’s Voluntary Disclosure Program (VDP) with confidence and achieve a smoother resolution.
The VDP: A Second Chance for Tax Compliance
The VDP provides a valuable opportunity for taxpayers to come forward and voluntarily disclose previously unreported or undeclared income or assets. By participating in the VDP, you may be eligible for:
Reduced Penalties
The CRA may significantly reduce or even waive penalties associated with the unreported income or assets.
Avoidance of Prosecution
Voluntary disclosure can help you avoid criminal prosecution for tax evasion.
Peace of Mind
Resolving outstanding tax liabilities brings significant stress relief and allows you to move forward with confidence.
What is Unreported Income or Undeclared Assets?
In Canada, you are required to report all income you earn to the CRA. This includes income from traditional sources like employment, but also income from various other activities. Unreported or undeclared income refers to any income you have received that you haven’t included in your tax filings. Here are some common examples:
Side hustle and freelance income
Earnings from online marketplaces, ride-sharing services, tutoring, or other freelance work.
Self-employment income
Income from a business that is not declared through a proper business registration.
Unreported tips and commissions
Amounts you receive directly from customers that your employer doesn't report to the CRA.
Rental income
Income from properties you own and rent out that isn't reflected in your tax filings.
Foreign investment income
Interest, dividends, or capital gains from investments held outside of Canada that haven't been declared to the CRA.
Inheritances or gifts
In some cases, inheritances or gifts may have tax implications that haven't been reported.
Barter transactions
If you exchange goods or services for a taxable value but don't report it, this can be considered unreported income.
Undeclared capital gains
Profits from the sale of assets (like real estate or stocks) that haven't been reported to the CRA.
Undeclared Assets refer to valuable holdings you own that you haven’t disclosed to the CRA. These can include:
Investment properties
Properties like commercial or residential units held as investment but not declared for tax purposes.
Barter transactions
If you exchange goods or services for a taxable value but don't report it, this can be considered undeclared assets.
Capital Tax Law: Your Trusted Partner in VDP Navigation
We understand that coming forward about unreported income can be a daunting prospect. That’s why we offer a comprehensive suite of services to guide you through the VDP process, maximizing your chances of a successful outcome:
Eligibility Assessment
We'll meticulously analyze your situation and determine if you qualify for the VDP.
Disclosure Preparation
Our experienced tax professionals will assist you in gathering all necessary documentation and preparing a comprehensive disclosure package for the CRA.
Negotiation and Representation
We'll represent you throughout the VDP process, advocating for your best interests and negotiating with the CRA on your behalf.
Ongoing Support
We'll provide ongoing guidance and support throughout the VDP process, ensuring you understand each step and feel empowered throughout.
Why Choose Capital Tax Law?
Experience & Expertise
We possess in-depth knowledge of the VDP and extensive experience guiding clients through successful applications.
Transparency & Communication
We prioritize clear and consistent communication, keeping you informed and involved throughout the process.
Confidentiality & Trust
We understand the sensitive nature of your situation and guarantee complete confidentiality.
Results-Oriented Approach
We're committed to achieving the best possible outcome for you, minimizing your tax burden and maximizing your peace of mind.
Take Control of Your Tax Situation Today!
Don’t let the fear of the unknown hold you back. Contact Capital Tax Law today for a free consultation! We’ll answer your questions, explain your options, and guide you through the VDP process with expertise and compassion.