QUESTION: I am a Canadian that ran a DBA business then later a USA corp. I
managed to earn and save 7 figures over 5 years. I have not filed a tax
return the entire time. How much trouble am I in? I have since sold the
business and want to re-enter the tax system but fear I am going to get
whalloped. How do I go about coming clean without losing my shirt?
---------------------------------------------------------------------------
david ingram replies:
The answer is a voluntary disclosure to both countries.
Done properly, there will be no penalties but the tax bill will stand and
there will be interest.
However, the tax and interest will be far less than if you do not come
forward. Of course, you could try and "get away" with it.
However, just today, I have talked to a Canadian Stockbroker and a person
with his own company in the movie business. The CRA has just demanded 16
years of returns from the Stockbroker and 11 years of returns from the movie
man.
I am doing 6 years of returns for an Abbotsford lady they just caught and
have had another dozen people since September where we are doing 3, 4 or 5
years.
Glad to help you out with both countries if you decide to come clean with
voluntary disclosures. I do not know where you live but we can look after
any returns by fax, email, snail mail or courier. I forgot that 6 years of
US / Canadian personal and corporate returns are coming tomorrow from the
Niagara Falls area. This is a voluntary disclosure because the individual
has not received "Demands to File".
Answers to this and other similar questions can be obtained free on Air
every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Dundee Wealth
Management and I, David Ingram host a LIVE talk show called "ITS YOUR
MONEY"
Those outside of the Lower Mainland will be able to listen on the internet
at
www.600AM.com <http://www.600am.com/>
Local calls are taken at (604) 280-0600 and Long Distance calls are taken at
1( 866) 778-0600
Callers to the show are invited to attend free seminars on financial
planning with such specialities as deductible mortgage interest. They are
held at Fred Snyder's Office at 1764 West 7th in Vancouver - (604) 731-8900
for more information.
=========================================
David Ingram's US/Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Res (604) 980-3578 Cell (604) 657-8451
(604) 980-0321 Fax (604) 980-0325
Email to taxman at centa.com <mailto:taxman at centa.com>
www.centa.com <http://www.centa.com> www.david-ingram.com
<http://www.david-ingram.com/>
Disclaimer: This question has been answered without detailed information or
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