On December 8, 2016, the Canada Revenue Agency released “Report on the Voluntary Disclosures Program” (VDP), which sets out recommendations of the Offshore Compliance Advisory Committee. The report states that the 11 recommendations are designed to “enhance and improve” the VDP.
If implemented, the recommendations would radically alter the VDP – effectively the current program would no longer exist. In particular:
If you are contemplating a voluntary disclosure you may want to act soon. The VDP will change significantly if the recommendations are implemented. We expect that the VDP’s value to taxpayers that are inadvertently, or intentionally, non-compliant would be reduced and that this would decrease the number of disclosures.
Read this Tax Insights for more information.