Cross Border Tax Consultants

  Are you confused about whether to hire a lawyer or accountant to complete your Voluntary Disclosure Program? What if we tell you that you don't need them? But before getting into that, we need to learn more about the CRA's Voluntary Disclosure Program. Read on to know more. What is the Voluntary Disclosure Program? Many people make errors, intentional omissions, or misreporting regarding taxes. If you happen to be one of those people, there's a way around it. There is a chance that you will be treated fairly by the Canadian tax system. Through the Voluntary Disclosure Program (VDP), run by the CRA, you get a second chance to fix any inaccurate or late tax files. The voluntary disclosure program allows taxpayers to make changes to their tax affairs. VDP lets you correct your mistakes of the ten prior taxation years. Additionally, VDP aids in shielding non-compliant taxpayers from legal action. If you need to file pending tax returns with the CRA or correct prior tax file...

Worried about filing your income tax returns? Did you forget to consider your foreign rental income? Now you are worried about the penalties. What if we tell you that there is a way around it? So, can you really avoid penalties on T1135 late filing? Read on to learn more. What is the T1135 Form? The CRA, short for the Canada Revenue Agency uses the T1135 form to obtain information on the number and income generated through foreign assets that are held by the residents of Canada. Form T1135 is also known as Foreign Income Verification Statement. Who should Fill it? You must file the T1135 form, also known as the Foreign Income Verification Statement if you own foreign property worth more than 100,000 Canadian Dollars at any time during the year. This is applicable to all individuals, trusts, and partnerships. When completing the foreign income verification statement, you must consider the property's cost rather than its current value. An individual need not complete the T1135 f...