New Year's Resolution – Make A Voluntary Disclosure Now, Changes Could Be Coming

As 2017 is now almost a month old, many of us may have already forgotten those New Year's resolutions we made just before we said goodbye to 2016. Perhaps, for some people, it is not too late to add a new year's resolution. In fact, this resolution has tax implications that may be lost if action isn't taken very soon.

The Canada Revenue Agency's Voluntary Disclosures Program (VDP) provides opportunities for taxpayers who have previously provided incorrect or inaccurate information while preparing a tax return. It also allows taxpayers who have failed to report income in a return or simply failed to file a return or form to come forward and right their wrong. If the Canada Revenue Agency accepts a taxpayer's voluntary disclosure, the penalties associated with the previous omission will be waived, although any taxes, if applicable, will still be owed. In addition, as part of a valid voluntary disclosure, the Canada Revenue Agency has the discretion to grant partial