Voluntary Disclosure Program

The Canada Revenue Agency Voluntary Disclosure & Tax Amnesty Program
 
The Voluntary Disclosure Program (VDP) allows individuals and businesses to correct inaccurate or incomplete information and to disclose previously unreported information.
 
A disclosure may be made for personal or business income tax, GST, HST and for charges under the Softwood Lumber Products Export Charge Act, 2006, and the Air Travellers Security Charge Act.
 
This program may be for you if you have unreported business, employment, pension or interest income; unreported capital gains; misappropriated funds; or unreported GST; or if you have over-claimed input tax credits and expenses or if you have not filed information returns.
 
If you make a valid disclosure meaning it is voluntary, complete, involves the application or potential application of a penalty and/or, generally, includes information that is more than one year overdue then you will be able to avoid some penalty, interest and prosecution where warranted.
 
Unfortunately the ‘tax amnesty’ program as designed by the CRA is rife with traps that could disqualify you from the benefits of the program. Leaving you holding the bag not only for any overdue tax but for outrageous penalty and interest charges.
 
 
If you are considering the Voluntary Disclosure Program it is in your best interest to contact National Tax Service and speak confidentially with one of our tax lawyers.