Voluntary Disclosure Program (VDP) – Mississauga
Come forward voluntarily before the CRA contacts you. BOMCAS Canada's Mississauga VDP specialists help you file late returns, correct errors, and significantly reduce penalties and interest through CRA's Voluntary Disclosure Program.
CRA Voluntary Disclosure Program in Mississauga
The CRA Voluntary Disclosure Program (VDP) is a government program that allows taxpayers who have not complied with Canada's tax laws to come forward before the CRA contacts them. By disclosing voluntarily, you can significantly reduce or eliminate CRA penalties and avoid prosecution.
Common reasons Mississauga clients use the VDP include: unfiled tax returns for one or more years, unreported employment or self-employment income, unreported foreign income or assets, incorrect GST/HST filings, late T4 or T4A slips, and other CRA compliance issues.
VDP Services We Provide in Mississauga
VDP Eligibility Assessment
We review your situation and determine if you qualify for the VDP and which track applies to you.
Late Personal Tax Returns (T1)
Preparation and filing of all outstanding personal income tax returns for Mississauga individuals.
Late Corporate Tax Returns (T2)
Multi-year T2 corporate tax return preparation and VDP application for Mississauga businesses.
Foreign Income Disclosure
Disclosure of foreign income, foreign assets (T1135), and foreign property held outside Canada.
GST/HST VDP Applications
Late HST return filing and GST/HST voluntary disclosure applications for Ontario businesses.
CRA Negotiations
We handle all CRA communications and negotiations as your authorized representative throughout the VDP process.
Frequently Asked Questions
The CRA Voluntary Disclosure Program (VDP) allows taxpayers to come forward and correct previously filed returns or file late returns before the CRA contacts them. A successful VDP application can result in reduced or waived penalties and partial interest relief. The VDP has two tracks: General Track (for most disclosures) and Limited Track (for sophisticated taxpayers or large corporations).
Any Mississauga individual, business, or corporation that has unfiled tax returns, unreported income, incorrect tax filings, unreported foreign income or assets, or late HST returns may qualify for the VDP. The disclosure must be voluntary (CRA cannot have already contacted you about the issue), complete, and involve a potential penalty. Our Mississauga VDP specialists will review your situation and determine eligibility.
A successful VDP application provides: waiver of late-filing penalties and gross negligence penalties; reduced or waived civil penalties; partial interest relief (typically 50% of interest on taxes owing for the period before the 3 most recent years); and protection from prosecution for the issues disclosed. You still owe all taxes and applicable interest, but the penalty and prosecution relief can be significant.
Our Mississauga VDP specialists review your full situation, calculate the taxes, interest and penalties involved, prepare all required CRA forms and supporting documentation, submit the VDP application on your behalf as your authorized CRA representative, negotiate with CRA, and manage the process from start to finish. We have successfully handled VDP applications for Mississauga individuals, corporations, and trusts.
Act Before the CRA Contacts You
The VDP only applies when you come forward before the CRA audits or contacts you. Once the CRA initiates contact, the VDP may no longer be available for your situation. If you have unfiled returns or unreported income, act now.
Book a Confidential VDP Consultation