Tax

The Voluntary Disclosure program (VDP) is a program offered by the Canada Revenue Agency (CRA) that allows taxpayer to come forward and correct errors or omissions on their tax return or to disclose any previously unreported income without facing penalties or prosecution.  The program is designed to encourage taxpayers to come forward voluntarily and correct…

Prepaid expenses are a type of asset that represent payment made by a business for goods or services that will be received in the future.  Essentially, it is an expense that is paid for in advance of the benefit being received.  Pre-paid expenses are a type of assets on the balance sheet that results from…