Last updated: June 12 2014
CRA wants to remind you that fessing up can be profitable.
Under its Voluntary Compliance Program, you can avoid penalties by adjusting your tax returns for under-reported income or overstated deductions and credits. If you do that before CRA gets to you, you might even be spared house arrest. But you’ll need to make arrangements to pay taxes and interest and make sure your disclosure is indeed valid.
Adjust your tax return by completing Form T1-ADJ, and follow these instructions:
For more information, go to www.cra.gc.ca/voluntarydisclosures.