Apr 13th, 2022
Jun 29th, 2017
The Canada Revenue Agency (“CRA”) has proposed changes to the voluntary disclosures program (“VDP”), with the release of Draft Information Circular IC00-1R6 (the “Draft Circular”) on June 9, 2017, to be effective after December 31, 2017. A sixty-day consultation period is now underway.
Among the highlights of new measures proposed in the Draft Circular are the following:
While it is as yet uncertain whether any further changes will be made before implementation, it is clear that the window to make a voluntary disclosure under current policies will close in the near term. In the case of a person who has thus far resisted the notion of making a voluntary disclosure, further inaction could prove to be very costly, especially in light of the recent advent of more aggressive enforcement action by the CRA and the impending sharing of information under automatic exchange of financial information measures.