Failure is often that early morning hour of darkness which precedes the dawning of the day of success. https://t.co/pZwF1VpBI0
Proposed Changes to the Voluntary Disclosure Programin Canadian Government News and Updates
The most significant change is to offer less generous relief in certain circumstances. Major cases of non-compliance that are disclosed will not receive the same level of relief as they would through the current program.
Other measures are being proposed to the Voluntary Disclosure Program include:
- Require the payment of the estimated taxes owing as a condition of qualifying for the program;
- Exclude applications that involve transfer pricing and applications from corporations with gross revenue in excess of $250 million from VDP relief;
- Exclude applications that disclose income from the proceeds of crime from VDP relief;
- Change the way the amount of interest relief available is calculated;
- Cancel VDP relief if it is subsequently discovered that a taxpayer’s VDP application was not complete due to a misrepresentation attributable to willful default.
If you want to submit your feedback regarding these changes, you have until August 8, 2017 to do so. You can send your input to VDPCONSULTSG@cra-arc.gc.ca.