Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the Department.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle du ministère.
Principal Issues:
A taxpayer has failed to report a 1994 capital gain
Position TAKEN
Referred to VOLUNTARY DISCLOSURES PROGRAM
Reasons FOR POSITION TAKEN:
IC-00-1
XXXXXXXXXX 2000-003416
C. Tremblay
November 8, 2000
Dear XXXXXXXXXX,
Re: Voluntary Disclosure
This is in reply to your letter of June 16, 2000, in which you informed us that the father of one of your clients did not report a capital gain on the sale of his property to his son in his 1994 return. We would like to bring to your attention the Canada Customs and Revenue Agency's (CCRA) Voluntary Disclosures Program (VDP), which is designed to encourage taxpayers to come forward and correct deficiencies to comply with their legal obligations. Under this program, taxpayers can correct their affairs by paying the tax and interest without facing prosecution or penalties. Details of the VDP can be found on the "Fairness" page of the CCRA's Web site at www.ccra-ardc.gc.ca or by calling 1-800-959-8281. In addition, the CCRA policy concerning voluntary disclosures is set out in Information Circular IC-00-1 dated June 12, 2000 (copy enclosed).
A person who wants to make a voluntary disclosure should contact the CCRA in person or in writing, providing the details of the disclosure to the nearest taxation services office.
Yours truly,
Jim Wilson
for Director
Business and Publications Division
Income Tax Rulings Directorate
Policy and Legislation Branch
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