20 December 2017 Canada Revenue Agency implements changes to income tax VDP The Canada Revenue Agency (CRA) released information circular IC00-1R6 - Voluntary Disclosures Program (the new circular) on December 15, which implements significant changes to the Voluntary Disclosures Program (VDP) that narrow its application and offer less-generous relief, or in some cases no relief, to non-compliant taxpayers. The new circular closely follows the draft circular released on June 9, and follows an extensive review of the VDP recommendations made in 2016 by both the House of Commons Standing Committee on Finance and the Offshore Compliance Advisory Committee. Document ID: 2017-2150 |
