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ARTICLE · 20 DECEMBER 2017

CRA Finalizes New Information Circular For Income Tax Voluntary Disclosures Program

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On December 15, 2017, the CRA released the final version of Information Circular IC 00-1R6 – Voluntary Disclosures Program ("VDP") for income tax, after receiving and considering community input ...

CanadaTax
John Sorensen
John Sorensen
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On December 15, 2017, the CRA released the final version of Information Circular IC 00-1R6 – Voluntary Disclosures Program ("VDP") for income tax, after receiving and considering community input on the June 2017 draft version. This article summarizes the important differences between the draft and the final ICs and discusses implications and practical insights of the new VDP.

What's New?

Timing for implementation:  Despite indications at the Canadian Tax Foundation ("CTF") National Conference in November, 2017, the implementation of the new VDP will not be delayed until Summer or Fall 2018:  IC 00-1R6 will apply to disclosures filed on or after March 1, 2018.  Disclosures filed before that date will be grandfathered and considered under the current IC, IC 00-1R5, if a taxpayer makes a named disclosure.

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