ARTICLE · 15 DECEMBER 2016

OCAC Publishes Report On Voluntary Disclosure Program

Dentons Canada LLP

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The Offshore Compliance Advisory Committee (OCAC) has published its report on the CRA's Voluntary Disclosure Program...

CanadaTax

Timothy Fitzsimmons

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Offshore Compliance Advisory Committee (OCAC) has published its report on the CRA's Voluntary Disclosure Program, the first of several anticipated OCAC reports in furtherance of the OCAC's mandate to provide advice to the Minister of National Revenue and the Canada Revenue Agency (CRA) on administrative strategies to deal with offshore compliance.

The OCAC's recommendations in respect of the voluntary disclosure program include:

Less generous VDP relief in certain circumstances
Limited access for repeat users
Requirement to pay tax and interest within specific time frames
Insistence on all necessary and relevant information
No relief from transfer pricing penalties (see subsection 247(3) of the ITA)

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