Changes to the Voluntary Disclosures Program

by in Canadian Government News and Updates
Changes to the Voluntary Disclosures Program
CRA recently announced changes to the Voluntary Disclosures Program (VDP) to tighten the eligibility criteria to access the program.

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.

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