Voluntary Disclosures: You can run but you can’t hide
About This Episode
- Why Canadian investors need to know about the voluntary disclosure program (1:00)
- Introducing Stephen Solomon (2:59)
- Why Stephen became a lawyer (5:35)
- Stephen’s unusual journey to a focus on tax law (7:11)
- Stephen’s introduction to offshore banking and voluntary disclosures (9:10)
- How the voluntary disclosure program helps Canadian taxpayers (12:03)
- Common scenarios where voluntary disclosures are used (14:27)
- Canadian tax obligations that apply to your foreign holdings (15:50)
- Two types of voluntary disclosure programs (18:08)
- The psychological side of non-disclosure (20:20)
- Why we’re seeing an increase in voluntary disclosures (21:43)
- The global trend towards greater transparency (23:25)
- Global initiatives to reduce corporate tax avoidance (24:51)
- Case studies of voluntary disclosure versus getting caught (25:31)
- Why the process of determining taxes owed often gets complicated (27:32)
- Advantages of working with an experienced team (28:58)
- What to do if you find yourself with undeclared assets (31:14)
- Inheriting undeclared assets (32:49)
- How the tax planning landscape has changed in recent decades (34:09)
- Why it’s worth your while to research tax planning strategies (35:11)
- Tax considerations when trading cryptocurrency (36:58)
- Why it’s crucial to maintain your own records for cryptocurrency transactions (38:53)
- Our key takeaways for Canadian taxpayers about voluntary disclosures (40:58)
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