Behind in your taxes, 2 years, 5 years or more? Losing sleep over un-filed tax returns? It’s not as uncommon as you might think.
Voluntary disclosure was introduced to assist taxpayers who have never files a tax return or have not filed for at least two years to get up to date and avoid late filing penalties that can be substantial. As the name suggests, this must be voluntary. If CRA has already contacted you, it’s too late.
Penalties on overdue taxes will not be assessed but the tax and interest would still be payable. The process can initially be on an anonymous basis until an arrangement is made that both sided can live with. You should discuss voluntary disclosure with a professional advisor prior to contacting Revenue Canada