Back taxes, unfiled taxes and late taxes with Canada Revenue are all things some tax gurus, and even lawyers and accountants claim they can fix with a simple tax amnesty or voluntary disclosure to the Taxman. Tax lawyer Philippe DioGuardi explains the fallacy of this argument and why the DioGuardi Amnesty approach prevents you from falling into the tax trap these ‘gurus’ can lead you into. Find out why and free yourself.
DioGuardi Amnesty vs. the Back Taxes Trap
April 21st, 2010Toronto tax lawyer Philippe DioGuardi on CP24 March 30 at 9pm
March 30th, 2010Stephen LeDrew http://bit.ly/9V3lOG will host Philippe DioGuardi tonight (March 30) on LeDrew Live on CP24 (9pm on Rogers Cable 24, Bell 503, Shaw 509) to discuss tax amnesty, back taxes, tax evasion and other tax problems and how DioGuardi helps Canadians free themselves from the TaxMan. http://www.dioguardi.ca
For Canadians With Unfiled Tax Returns
April 4th, 2007According to a recent press report by Ufile, 45% of Canadians find tax return preparation to be stressful.
The startling outcome of the report, however, was that 13% of all Canadians polled said they know someone who has not yet filed their tax return for the previous year.
Frankly, that’s a problem – and not for the TaxMan. Under sections 238(1) and 239(1) of the Canadian Income Tax Act, not filing a return, filing more than one year late if tax is due, or failing to declare taxable income from any source, is a criminal offense punishable by jail time and huge financial penalties.
Contrary to what you might think, if you don’t file your tax return, the Canada Revenue Agency doesn’t forget about you. In fact, you are never entirely “off the radar” . They prefer to monitor your financial behaviour over time, using identifiers like your SIN or date of birth to access data from your bank accounts, your credit card transactions, or your acquisition of property and other possessions. The longer they let you continue as a non-filer, the more revenue they can generate in penalties and daily interest on the tax you should have paid. And the longer the period of tax delinquency, the easier it is to establish a clear cut case for criminal tax evasion.
If you are convicted of criminal tax evasion, penalties can be as much as 250% of the tax owing, plus daily interest. A jail term of up to two years is also possible. And you will have a criminal record for the rest of your life.
This message is short and to the point: If you are a non-filer, you need to protect yourself against criminal prosecution by seeking legal protection immediately. Whatever you do, do NOT file your 2006 tax return, or any of your other outstanding tax returns, until an experienced tax lawyer has negotiated a tax amnesty settlement on your behalf.
DioGuardi Tax Law negotiates more tax amnesty settlements than any other firm in Canada. As lawyers, we can guarantee you the full protection of lawyer-client confidentiality. Accountants, or any other tax preparer, cannot offer you this protection and may even be compelled by Revenue Canada to present evidence against you. That’s important for you to know.
If you have unfiled tax returns or undeclared income, you need to protect yourself today.
You can call DioGuardi Tax Law toll-free at 1.877.829.7902. Or click here to request a free online assessment of your situation. Act now – before the TaxMan calls you.
$88 Billion Stashed in “Tax Havens” May Be Subject to Taxes
December 17th, 2006Last year, Statistics Canada revealed that in 2003 Canadians invested $88 billion in off-shore “tax havens”, a figure that’s eight times greater than in 1990. According to Auditor General Fraser, Canadians have avoided hundreds of millions of dollars in taxes through the use of tax havens, located primarily in Barbados, Bermuda, the Cayman Islands, the Bahamas and Ireland.
The Canadian Government has become increasingly concerned about this loss of tax revenues.
In late November, Finance Minister Jim Flaherty announced that Ottawa is reviewing the use of tax havens to avoid taxation. Financial experts suggest that the 2007 budget will include amendments to the income tax act to “ensure that income earned by Canadians through foreign jurisdictions, including tax havens, is subject to tax as if it had been earned in Canada.”
Now, the House of Commons is weighing in on the issue. According to an article in The Toronto Globe & Mail; “The federal government [should] eliminate the use of tax havens in an effort to ensure that all corporations, businesses and individuals pay their fair share of taxes,” the House of Commons finance committee said yesterday in a report making suggestions on what should be in the 2007 budget.
Tax lawyer Paul DioGuardi says this legislation has been in limbo since 2001, and if Flaherty includes this amendment in his 2007 budget, it may very well be made retroactive to 2001. That means billions of dollars will be subject to tax collection by the Canada Revenue Agency. It also exposes Canadians with offshore accounts to potential charges of criminal tax evasion and crippling civil penalties if they fail to take steps to report this income on their Canadian tax returns.
Canadians with unreported offshore income can resolve their tax situation without prosecution or penalty by seeking a tax amnesty disclosure.The DioGuardi AmnestyRx lawyer-negotiated tax settlement ensures that the taxpayer’s identity remains confidential until such time as a settlement is presented to the tax authorities and accepted in principle.
If you have income offshore in Barbados, Bermuda, the Cayman Islands, the Bahamas or Ireland, contact DioGuardi Tax Law to arrange a telephone consultation before new legislation exposes you to the scrutiny of the TaxMan.