Canadian Lawyer InHouse

December 2014/January 2015

Legal news and trends for Canadian in-house counsel and c-suite executives

Issue link: https://digital.canadianlawyermag.com/i/428615

Contents of this Issue

Navigation

Page 14 of 55

15 cANAdIANlAwyermAg.com/INhouse DECEmBEr 2014 Q U I Z Ryan L. Morris, partner, WeirFoulds LLP GO TO CANADIANLAWYERMAG.COM TO WATCH A WEIRFOULDS LLP LAWYER TALK ABOUT THIS QUIZ. 1 Is it true that there have been a number of recent developments that may increase the chances of the CRA detecting past non-compliance with Canadian tax laws before it is voluntarily disclosed? (A) True (B) False (C) It depends 2 The CRA can provide relief under VDP regardless of when the non-compliance occurred. (A) True (B) False (C) It depends 3 At a certain point, the CRA can no longer assess a taxpayer for the non-compliance because the applicable taxation year becomes statute barred. (A) True (B) False (C) It depends 4 Is it true there is no way of obtaining comfort that a voluntary disclosure will be accepted before making full disclosure? (A) True (B) False (C) It depends Volunteering to pay taxes could save you money The Canada Revenue Agency's Voluntary Disclosures Program gives taxpayers a way to come forward to put their tax affairs in order and correct past non- compliance. Taxpayers who use this program must pay any taxes owing, but they can avoid costly penalties and prosecution, and may also be entitled to partial interest relief. Taxpayers can disclose unreported income, non fi led returns, and can correct errors or omissions on previously fi led returns. A voluntary disclosure can relate to, among other things, income tax, goods and services tax/harmonized sales tax, Canada Pension Plan and Employment Insurance, and excise taxes and duties. In its 2013-14 annual report to Parliament, the CRA indicated that it processed 14,624 voluntary disclosures reporting more than $813 million in unreported income.

Articles in this issue

Links on this page

Archives of this issue

view archives of Canadian Lawyer InHouse - December 2014/January 2015