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Question

Hi

My family and I have discovered that my father (recently passed) had around $2,000,000 in a Swiss bank account that no one in the family knew about.

Now my brother and I are trying to settle the estate and our lawyer thought it was a good idea to talk to an accountant about voluntarily disclosing the account before moving the funds to Canada.

Do you have any experience in situations like these?

Answer

Hi XXXX

Yes, in fact I just finished discussing a voluntary disclosure very similar to this with a new client last week.

I’m assuming from your email above that your father most likely has not reported the account and possibly the income from the account for some time.

In that case, assuming CRA does not yet know about the account as of yet, disclosing the account with CRA through the voluntary disclosure program is your best option.

Considering the size of the account and the significant potential penalties associated with the disclosure it would be wise to first submit a non-named disclosure before proceeding with the full disclosure. This will give us time before submitting the full disclosure and related tax return adjustments.

Please give me a call at 250-381-2400 and we can discuss the matter in more detail.

I look forward to your call.

Regards

Phil

Phil Hogan

Phil Hogan is a Canadian and US CPA working with clients throughout Canada and the US. Phil advises on cross border tax and financial planning matters. Phil can be reached at phil@hutcheson.ca or via telephone at 250-661-9417. You can also read more about Phil at Hutcheson.ca/phil.
Phil Hogan

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Philip Hogan

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The information contained in this article is for general use only and should not be viewed as professional advice. Accounting and tax rules and regulations regularly change and individuals should contact a competent professional to obtain accounting and tax advice based on their specific situation.

Phil Hogan

Phil Hogan is a Canadian and US CPA working with clients throughout Canada and the US. Phil advises on cross border tax and financial planning matters. Phil can be reached at phil@hutcheson.ca or via telephone at 250-661-9417. You can also read more about Phil at Hutcheson.ca/phil.
Phil Hogan

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