2013 FEDERAL BUDGET In the recent budget (2013) the Federal Government has proposed new legislation to find and prosecute individuals who have failed to report ALL of their income or disclose their foreign assets (liquid or otherwise). Part of this legislation is to extend the amount of time that the Canada Revenue Agency has to reassess you by an additional 3 years.
In addition the Federal Government has also proposed monetary rewards for whistle blowers who provide CRA with information showing that an individual has not declared all of their income or foreign assets.
If you have not reported all of your income or failed to disclose your foreign assets, we strongly urge you to contact us before it is to late. We believe the penalties may be extreme, in some cases it may lead to prosecution or court fines that would survive bankruptcy