T1135 late filing advice
If one recently learned that T1135 should be filed by April 30th even if there is no tax owing, and they also filed both their T1 and T1135 say around a month late last year as well (while filing on time all previous years).
Should one file a VDP or just file T1135 for the current tax year as soon as possible? They said they didn't get charged any penalty for last years late filing so they were never aware they had to file it by April 30.
If they were to file VDP, should they file for 2024 tax year and then include 2025 as well? They would only attach the T1135 for 2025 as they already filed the 2024 T1135 last year right?
It seems they have just passed the 1 year mark to file for the 2024 late T1135 issue.
Is it an issue to file for the VDP if they haven't filed T1 for the current (2025) year yet? They need more time to sort out their ACBs for the year, but they have prepared the T1135 already. Should they wait to submit VDP after they have their full T1 prepared?
I tried searching on this reddit to find others with similar situation as them and found:
https://www.reddit.com/r/cantax/comments/1lp9a0y/comment/n0syzei/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button
https://www.reddit.com/r/cantax/comments/1t358fz/comment/ojup6uy/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button
both of which appear to confirm the following course of action:
File for the VDP as soon as possible. Since you are including a fix for something which is due more than one year ago (2024 T1135 filed a month late in 2024), you can also include the 2025 T1135 and get the penalty waived for this as well.
Does this seem reasonable? And should I be aware of anything else when helping them write up the VDP? Seems like the acceptance rate is fairly high for this sort of situation based on what I'm reading?