The Canada Revenue Agency is urging tax filers to take advantage of the Voluntary Disclosures Program to correct their tax information. By coming forward, tax filers may avoid being penalized, criminally investigated and prosecuted.

For the 2007-2008 fiscal year, the CRA processed approximately 8,400 disclosures for taxpayers who used the Voluntary Disclosures Program to get a second chance to comply with their tax obligations.

Coming clean saved these taxpayers from an audit or a criminal investigation, which could have resulted in penalties, fines, and even jail time, the CRA says.

These disclosures resulted in more than $373 million in assessed additional taxes.

Tax filers who make a full disclosure before the CRA starts any compliance action or investigation may only have to pay the taxes owing plus interest, but not penalties or face prosecution.

For more information about how to come clean, see the Voluntary Disclosures Program at www.cra.gc.ca/voluntarydisclosures.