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Voluntary Disclosure Program to Correct Cryptocurrency Transactions

One way to correct the past non compliance is to use voluntary disclosure program (VDP) of Canada Revenue Agency. VDP protects from gross negligence penalties and criminal prosecution in Canada.More details visit https://www.maroofhs.com/post/voluntary-disclosure-program-vdp-in-canada-come-clean-with-taxman/

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Voluntary Disclosure Program to Correct Cryptocurrency Transactions

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  1. Voluntary Disclosure Program to Correct Cryptocurrency Transactions https://www.maroofhs.com/post/voluntary-disclosure-program-vdp-in-canada-come-clean-with-taxman/

  2. The cryptocurrency has become a mainstream investment activity for many in recent years. Many people who held the bitcoins long ago have drastic gains when they disposed off the bitcoins at the peak in 2020. Canada Revenue Agency require all the taxpayers to report gains or losses from transactions in cryptocurrencies. During pandemic, many young investors have used their savings or benefits to buy cryptocurrencies. At end of the year, they are struggling to file taxes.

  3. Recently Canada Revenue Agency in Canada and the Internal revenue Service in the United States have joined their forces to detect the taxpayers who are hiding their income from dealings in cryptocurrencies. Taxpayers are misguided that they can hide their income from taxman if they deal in cryptos because there is no public record. That’s not true anymore. The public ledger and other sources can help taxman figure out your non compliance. One way to correct the past non compliance is to use voluntary disclosure program (VDP) of Canada Revenue Agency. VDP protects from gross negligence penalties and criminal prosecution in Canada. If your gains and unreported income was high enough, you should consider using VDP. The VDP applications should be (though not required) processed in consultation with the professional income tax accountants in Canada. If the non compliance is not more than a year old or not serious enough o attract gross negligence penalties, consider amending your income tax return in Canada. MaroofHS CPA Professional Corporation is an Ontario and Alberta CPA firm. It provides full range of income tax services to taxpayers in Canada.

  4. You can reach us at: 3-100 Hanlan Road, Woodbridge, ON L4L 4V8 Phone: (647)724-4308 Email: Canada@MaroofHS.com https://www.maroofhs.com/contact/ https://twitter.com/MaroofHS https://www.facebook.com/MaroofHSCPA

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