Musings of a Tax Chick: Falling on bended knee... what you need to know about the Voluntary Disclosure program

10/01/24 • 16 min

Are you behind in your tax filings? I mean REALLY behind... like more than the last year or two?
Did you make a mistake in a previous filing?

Canada Revenue Agency's Voluntary Disclosure Program might just be for you! I have had a couple calls this past week about the "VDP" program, and I thought this might be a great time to dispel some myths.

In this episode:

1. I discuss what the program is, and when you would choose to apply.
2. Provide some insight into the criteria for a successful application
3. Talk next steps.

It is so important to remember that VDP does not get you out of paying the tax - in fact, you have to prepay the tax up front-when you make the application! It just offers amnesty from penalties.

RESOURCES DISCUSSED ON THIS EPISODE:

CRA: Voluntary Disclosures Program

HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:

Are you behind in your tax filings? I mean REALLY behind... like more than the last year or two?
Did you make a mistake in a previous filing?

In this episode:

1. I discuss what the program is, and when you would choose to apply.
2. Provide some insight into the criteria for a successful application
3. Talk next steps.

It is so important to remember that VDP does not get you out of paying the tax - in fact, you have to prepay the tax up front-when you make the application! It just offers amnesty from penalties.

RESOURCES DISCUSSED ON THIS EPISODE:

CRA: Voluntary Disclosures Program

HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:

Previous Episode

Summer at the Firm: A Behind-the-Scenes Look at being a Summer Student, with special guests Blake, Frank and Nick!

I decided to switch things up a bit for this episode, and invite on 3 people that I have been hanging out with all summer this year - our firm summer students, Blake, Frank and Nick!

Don't worry - the word "tax" does get brought up at some point in this episode :) But the main purpose of this episode was to share a little bit about what it is like to work in a law firm (Hint: it is not like Suits!)

In this episode, we cover:

1. Why each of my guests chose to work at a firm over the summer instead of a different type of summer job during law school? (9:50)
2. One thing that surprised them about working at a firm? (12:35)
3. One positive thing about the summer/one negative thing (17:09)
4. Advice they would give to students who are considering applying to a firm for a summer position.

This episode is great for anyone in law school and wondering about the firm experience, and also great for lawyers who are working with law students - I am really grateful to Blake, Frank and Nick for their honesty in sharing the student experience! It was so much fun working with them this summer and I know they all have very bright futures ahead of them!

CONNECT WITH NICK, FRANK AND BLAKE:

HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:

Next Episode

You can be tax savvy too...Essential insights every business owner should know

In this episode, I chat with special guest, Corey DeJean, owner of CJDJ Accounting Services and current Chair of the Association of Tax and Accounting Professionals ("ATAP"). Corey and I get to hang out in January every year at the ATAP Refresh Conference in Toronto - we have had so many great conversations about collaboration, sharing resources and the importance of educating our clients about tax. It was about time that I got her on the pod!

Corey and I dive deep into the crucial tax information every business owner should know to stay compliant, maximize deductions, and optimize their financial strategies. Whether you’re a startup founder or a seasoned entrepreneur, understanding taxes can make a significant difference in your bottom line!

Here is a sneak peek of what we chat about:

1. What is ATAP and how can it help you?
2. Your business is NOT you!
3. There is a huge difference between revenue and the $ in the bank.
4. Not everything is deductible.
5. There is no "one size fits all" strategy for compensation.

RESOURCES DISCUSSED IN THIS EPISODE: