Most of us pay a monthly fee to the banks for maintaining a chequing or savings account with them. Here are some wa… https://t.co/f6cFr85N1t
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.