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ARTICLE · 21 FEBRUARY 2018

New Voluntary Disclosures Program: Coming Soon!

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Presumably experienced professional advisors will not require that kind of discussion.

CanadaTax
John Sorensen
John Sorensen
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The CRA's new Voluntary Disclosures Program ("VDP") Information Circular IC 00-1R6 ("IC") applies as of March 1, 2018. To ensure they're giving the correct advice, tax advisors need to appreciate the changes being made to the disclosure process — particularly at the commencement stage. Much has been written about the significant changes and this article will not review matters such as the distinction between the general and limited programs.  Instead, the comments below focus on some mechanical issues.

Pre-Disclosure Discussion

While the no-names disclosure regime has been eliminated, preliminary discussions with a CRA official on an anonymous basis are possible to facilitate "a better understanding of the risks involved in remaining non-compliant, and the relief available under the VDP".  Presumably experienced professional advisors will not require that kind of discussion.

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