So the CRA has reviewed your tax return, do you know what happens after? Read our blog today to know all about what… https://t.co/Tc5VRhDPS4
Changes to the Voluntary Disclosures Programin Canadian Government News and Updates
Starting March 1, 2018, a limited program will apply to taxpayers who have intentionally avoided their tax obligations. The CRA will determine if a taxpayer has intentionally avoided their tax obligations by considering a number of factors such as whether efforts were made to avoid detection through use of offshore vehicles or other means, total dollar amounts involved, number of years of non-compliance, etc. This limited program will also cover corporations with gross revenue in excess of $250 million who will apply to the VDP.
The changes to the VDP include:
1. Create a new limited program for taxpayers who have intentionally avoided their tax obligations;
2. Require payment of the estimated taxes owing as a condition to qualify for the program;
3. Cancel relief if it is subsequently discovered that a taxpayer’s application was not complete due to a misrepresentation;
4. Eliminate the process for taxpayers and authorized representatives to make disclosures on a no-name basis.