By doing so, you can avoid penalties and pay only the taxes and interest.
Canada Revenue has four conditions, all of which must be met:
- You must make the disclosure before any compliance action by the CRA,
- A penalty applies to the disclosure,
- The information is at least one year overdue, and
- The information is complete.
You can make an anonymous (no-name) disclosure, but you must provide your name within 90 days of the CRA's acceptance.
Feel free to call if you have any additional questions:
Cameron Burrows, CPA, CGA
Certified General Accountant