Why you need more than a VDP to catch up years of back taxes or unreported income.
Here’s the most important thing you need to know about filing back taxes:
When you file your tax returns late, in a batch, you’re automatically flagged for audit.
It can take months for the CRA to finish their assessment. And along the way they’ll look into your reported income and expenses with gusto.
You can call it late filing, catching up back taxes, or even a VDP (Voluntary Disclosure). It’s still an audit . And the odds are you’ll get questions from an auditor before the assessment is completed.
Then come the penalties, the interest, and demands to pay. And good luck getting help from whoever filed your taxes at that stage.
DioGuardi Protected Disclosure reviews your tax situation on the basis that your returns will be audited. That way, once we file, we’re prepared to answer any questions the CRA throws at us. At all times we protect your financial information from scrutiny, only sharing with the CRA what’s necessary for the assessment of the tax years at issue. After the assessment, we negotiate for terms of payment, over time if necessary.