Leave a commentIf you owe money to any of the tax authorities because you failed to file a return for one or more years, you can make a voluntary disclosure. You will pay only the tax due plus interest. No penalties will be assessed. You have to make a complete disclosure. The information can be less than or more than a year old. Plus you must contact the Canada Revenue Agency prior to the start of an investigation or an audit.
Typical voluntary disclosures include domestic business income never reported, failure to collect or remit GST and/or source deductions, information returns not previously submitted, foreign wages and benefits not reported, and domestic and foreign dividends and interest never reported.
Relief is determined on a case by case basis.