Voluntary Disclosure

Notice of Objection & Voluntary Disclosures Program The ability to file a Notice of Objection to Notices of Re/assessment issued following a Voluntary Disclosure, governed by IC00-1R6-Voluntary Disclosures Program (“IC00-1R6”), was limited to specific circumstances. Importantly, taxpayers could not file a Notice of...

Summary of the CRA’s Changes to the Voluntary Disclosures Program under the Income Tax Act The CRA has issued IC00-1R7 – Voluntary Disclosures Program (“IC00-1R7”), introducing several changes to the Voluntary Disclosures Program (“VDP”). Applications received on or after October 1, 2025 will be assessed under...

How is CRA Improving its Ability to Collect Crypto Currency Data? Currently, governments and tax agencies such as Canada Revenue Agency (CRA) are putting together a framework to better track and tax crypto currency transactions. The CRA has adopted two primary approaches to collecting data from crypto currency...

Taxable Canadian Property (TCP) & Section 116 Taxable Canadian Property refers to specific types of Canadian assets that, when sold or transferred by a non-resident of Canada, may trigger Canadian tax obligations. Section 116 of the Income Tax Act (R.S.C., 1985, c. 1 (5th Supp.)) establishes the reporting and...

With the rise of cryptocurrency, the Canada Revenue Agency (CRA) has become increasingly vigilant in ensuring Canadians report all taxable income, including earnings from cryptocurrency. Although many crypto transactions occur online and may seem anonymous, the CRA has developed sophisticated methods for identifying unreported income from digital...

CRA’s Offshore Audits: What You Need to KnowIn recent years, the Canada Revenue Agency (CRA) has significantly ramped up its efforts to combat offshore tax evasion. With the global economy becoming increasingly interconnected, CRA’s focus on offshore audits is more critical than ever for taxpayers with international financial...

In Canada, the obligation to report income accurately to the Canada Revenue Agency (CRA) is not just a legal requirement but a cornerstone of our tax system. However, instances of unreported income can arise due to various reasons, sometimes inadvertently, leading to potential legal implications with the CRA. Understanding Unreported Income...

The Canada Revenue Agency’s (CRA) Voluntary Disclosure Program (VDP) offers taxpayers a chance to correct past errors or omissions without facing penalties or prosecution. However, for a disclosure to qualify under this program, it must meet specific criteria, with the most critical being that the disclosure is voluntary. This blog will delve...

Moving to a new country like Canada can be an exciting adventure for expatriates, but it also comes with certain tax implications that must be carefully navigated. For expatriates residing in Toronto, the Greater Toronto Area, and other locations, understanding Canadian tax laws is crucial to ensure compliance and minimize tax liabilities. In...

As a freelancer or independent contractor in Toronto, you enjoy the freedom and flexibility of being your own boss. However, along with this independence comes the responsibility of managing your taxes effectively. Understanding the unique tax considerations for freelancers and independent contractors in Toronto is essential for ensuring...