T1135 Voluntary Disclosure Program and Its Facts

The voluntary disclosures program is giving people another chance to change some things in their previously filled and submitted tax returns, and also allows them to file tax return that they have not filed. T1135 voluntary disclosure is available for all taxpayers, including individuals, employers, workers, partnerships and corporations, trusts and entrepreneurs. If you do not know how to submit an application then you can get an authorized representative to do that in your name.

T1135 Voluntary Disclosure Program and Its Facts

One thing to have in mind is that T1135 voluntary disclosure program is available only if you meet certain conditions. If you have not provided complete information or failed to include important information, or if you have not filed the form T1135, then you should go ahead and correct your tax issues through the voluntary disclosure program.

So how can people amend the form they have previously already submitted? They can do that by using the T1135 form for all previous tax years. You just need to ensure that the amended form is filled with all required information, not only with the amended. Those people that wonder whether they have to report their foreign properties for personal use in the form T1135, the answer is no. Foreign property for personal use include personal residences for spending vacations and personal properties like jewelry, art, books, coins, and rare manuscripts.

The Canada Revenue Agency recently has stepped up their battle against non-compliance so the best thing you can do is get properly informed about everything if you want to avoid being penalized. Canada`s tax system is based on self-reporting, which means that taxpayers are fully responsible for the information they enter in their tax returns. In general, their responsibility is not lowered down by the fact that their tax returns are prepared or filed by their accountants or someone else.

The voluntary disclosure program is a good way for the taxpayers to avoid or reduce different penalties and to avoid possible prosecution regarding unreported or underreported income. Those taxpayers that have made some errors or have omitted certain facts, regardless whether they were unintentional or intentional mistakes may be assessed by the Canada Revenue Agency for tax on their unreported income. Therefore, the best thing you can do is to seek professional tax advice from experts that will correctly advise you on all matters regarding this issue, so you will avoid having problems in the future.