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New look coming to CRA’s Voluntary Disclosure Program

Friday, July 14, 2017 @ 08:55 AM | By Robert Kepes

The Canada Revenue Agency (CRA) recently issued a draft circular with proposed changes to the Voluntary Disclosure Program (VDP). The changes, effective after 2017, are deep and far reaching.

The VDP is a long-standing CRA program that allows taxpayers to apply to correct inaccurate or incomplete information, or to disclose information not previously reported. The statutory authority for the VDP comes from a single section in the Income Tax Act by which the CRA: 1) waives or cancels all or any portion of any penalty or interest...