Blog posts tagged in voluntary disclosure
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...
Currently, the CRA is proposing some changes to narrow the eligibility for the Voluntary Disclosure Program and impose additional conditions on applicants. 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...
The voluntary disclosure program allows people to share information about their overseas taxes without penalty. The CRA has yet to punish another offshore holders with jail time. Understand the CRA's process of offshore tax accounts by talking to tax services specialist such as KD.