| Canadians with Swiss bank accounts have until December 31st, 2015 to file a voluntary disclosure | |||||||
| In order to avoid tax evasion, the Federal Government has put in place aggressive measures that could cost a lot to Canadian taxpayers | |||||||
Some of the World Powers have pressured the Swiss government to stop hiding the fortunes their citizens hold in their banking institutions. Therefore, various procedures have already been put in place by Swiss banks to protect themselves and prove that they did everything they could to encourage Canadian clients to disclose offshore assets.
These cheques, when deposited in Canadian accounts, should trigger a tax audit, and once an audit is initiated, it automatically prevents the audited person from using the voluntary disclosure program. Without the benefit of the voluntary disclosure, Canadians have no protection against tax evasion charges. The following four points will be assessed for Canadians omitting to disclose their accounts:
Depending on the income generated in the offshore account, the total tax liability often exceeds the balance remaining. The voluntary disclosure program gives protection against the imposition of penalties, criminal prosecution, and often limits the tax liability on the unreported income generated in the offshore account. Done correctly, it is the simplest, cheapest, and most efficient way to regularize one’s unreported offshore accounts. Should you be interested in having Porter Hétu International (Qc) inc. help you to produce your voluntary disclosure, please contact us as soon as possible. Sincerely, Porter Hétu International (Qc) Inc. team
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