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ARTICLE · 05 JULY 2017

CRA Announces Proposed Changes To The Voluntary Disclosure Program

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In June 2017, the Canada Revenue Agency released its proposed changes to the voluntary disclosure program relating to income tax, excise tax, GST/HST and excise duties (Taxes).

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Tera Parizeau
Tera Parizeau
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In June 2017, the Canada Revenue Agency (CRA) released its proposed changes to the voluntary disclosure program (VDP) (the Proposed VDP) relating to income tax, excise tax, GST/HST and excise duties (Taxes). The VDP provides taxpayers an opportunity to make an application to correct inaccurate or incomplete information, or to disclose information not previously reported. If a taxpayer makes a valid disclosure under the current VDP, the taxpayer would be entitled to penalty relief and partial interest relief, provided the taxpayer pays all Taxes that are due under the relevant legislation. The Minister of National Revenue is expected to announce the formal changes to the VDP in the fall of 2017, and any such changes to be effective on January 1, 2018.

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