The CRA Voluntary Disclosure Program: A Guide For The Canadian Taxpayer

INTRODUCTION: Understanding the CRA's Voluntary Disclosures Program: Your Guide to Relief and Compliance

Between December 2022 and March 2023, the Canada Revenue Agency (CRA) introduced a series of updates to its Voluntary Disclosures Program (VDP); however, the updates are all administrative.

While the updates are necessary for enhanced enforcement of the voluntary disclosure regime, this article will focus mainly on the substantive rules of the program and its current state at the moment. Our goal is to inform Canadian taxpayers to enable them to take advantage of the program, in order to maximize relief from interest and penalties, and potentially avoid criminal prosecution, which can result in jail time.