CRA Proposes Tightening Access to the Voluntary Disclosures Program (VDP)
The CRA is proposing several changes to limit access to the VDP and the relief that can be provided in order to ensure that the program continues to promote appropriate taxpayer behavior.
As part of its review of the VDP, the CRA leveraged the advice and recommendations made by the The Offshore Compliance Advisory Committee (OCAC) in its report on the VDP issued in December 2016. The OCAC endorsed the continuation of the VDP as an integral part of the CRA’s administration and enforcement regime, and proposed to tighten the criteria for acceptance into the program to ensure fairness of the tax system.
In an effort to transparently communicate our activities to Canadians, the CRA will soon make its revised VDP policy available on the CRA’s website for external consultation.
Following external consultations, the CRA will finalize its revised VDP policy in the fall of 2017. Canadians will be advised of the release of the updated policy and its implementation date at that time.