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When a Canadian taxpayer misses reporting certain income or has made an error in their tax returns they can rectify that error with the help of Canada Revenue Agency’s (CRA) Voluntary Disclosure Program (VDP). It is important to note that when using the VDP to fix a mistake full disclosure needs to be made. Since...
The Canada Revenue Agency (CRA) is leaving no stone unturned when it comes to preventing tax evasion. Those who fail to properly report ‘other sources of income’ have recently caught their eye. This type of income refers to income on which no taxes are withheld since it is not considered employment income, and instead, is...
Following the death of a taxpayer, the filing of a number of different Canadian tax returns may be required, including: • Tax returns for years prior to the year of death • T1 Final • A Rights or Things Return Items which can be included in a Rights or Things return may include: • Matured but unclipped bond...
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