Published: March 4, 2020
Last Updated: February 21, 2022
Canadian taxpayers who have unreported cash income can avoid prosecution and penalties by submitting a voluntary disclosure.Unreported cash transactions are going to face more audits and penalties owing to the federal budget of April 2015. This federal budget has allocated additional funds to CRA for increased compliance with respect to underground cash economy.
Categories: voluntary disclosure; cra audit.
"This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal advice nor can it or should it be relied upon. All tax situations are specific to their facts and will differ from the situations in the articles. If you have specific legal questions you should consult a lawyer."