Voluntary Disclosure Program to Correct Cryptocurrency Transactions

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. Dur
ing 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. Thats 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. Maroof HS 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 [phone] Emai
l Canada_at_MaroofHS.com https//www.maroofhs.com/c
ontact/ https//twitter.com/MaroofHS https//www
.facebook.com/MaroofHSCPA