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ARTICLE · 22 DECEMBER 2017

VDP Overhaul Coming Sooner Than You Thought

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Earlier this month, we reported that a senior representative of the CRA had announced that it was "highly likely" that the incoming changes to the Voluntary Disclosures Program (VDP) ...

CanadaTax
Blake A. Haarstad
Blake A. Haarstad
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Earlier this month, we reported that a senior representative of the Canada Revenue Agency (CRA) had announced that it was "highly likely" that the incoming changes to the Voluntary Disclosures Program (VDP) would be delayed until at least June 2018. It seems, however, that the improbable has come to pass, as Minister of National Revenue, Diane Lebouthillier, announced on December 15 that the new rules will actually take effect on March 1, 2018.

The New Rules Have Been Finalized

Minister Lebouthillier's announcement was accompanied by a finalized version of the VDP information circular (IC00-1R6) (the "December 15 Amendments"), which differs from the originally proposed draft in several respects. The key elements of new VDP are as follows:

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