Voluntary Disclosure

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...

CRA Penalties and Interest When taxpayers owe money to the Canada Revenue Agency (“CRA”), the amounts can quickly rise because the CRA charges interest on top of the amount owing. Additionally, if you file late, the CRA will hit you with penalties, and they even charge interest on those penalties. Before you know it the...

In Chan v. The Queen 2022 TCC 87 , a decision under the Tax Court of Canada’s informal procedure, the primary issue was the beneficial ownership of specified foreign property (a bank account allegedly containing illegally procured funds) and the respective obligation to report it on the appellant’s tax return.According to a decision of the...

What if CRA denies your Voluntary Disclosure?​ After filing a complete Voluntary Disclosure Application, Canada Revenue Agency (CRA) will eventually advise by letter if the voluntary disclosure has been accepted or denied. If accepted under the General program the taxpayer will receive full penalty relief, including from...