Are you behind in your tax filings? I mean REALLY behind... like more than the last year or two?
Did you make a mistake in a previous filing?
Canada Revenue Agency's Voluntary Disclosure Program might just be for you! I have had a couple calls this past week about the "VDP" program, and I thought this might be a great time to dispel some myths.
In this episode:
1. I discuss what the program is, and when you would choose to apply.
2. Provide some insight into the criteria for a successful application
3. Talk next steps.
It is so important to remember that VDP does not get you out of paying the tax - in fact, you have to prepay the tax up front-when you make the application! It just offers amnesty from penalties.
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What is The Tax Chick Podcast?
Tax is complex, but it does not always have to be so complicated and shrouded in mystery. Host Amanda Doucette is a self-proclaimed foodie, spin class and Pilates enthusiast, and a tax lawyer. She fell into the practice of tax law despite having a life-long hatred of spreadsheets, math and numbers in general. Join Amanda and her guests as they unpack some serious Canadian tax topics and attempt to demystify the world of tax.