The Voluntary Disclosure Program (VDP) has been one of the CRA’s most effective programs allowing taxpayers to disclose their unreported income to avoid prosecution or penalties. The main catalysts of the program was that it allowed taxpayers to anonymously submit a VDP proposal to see if they are eligible without giving out their identity or paying the taxes owing up front. For individuals with high sum offshore accounts or multiple years of unpaid taxes, the VDP program provided them with a efficient and favourable remedy.
The changes coming January 1st 2018 to the VDP will ultimately remove the main benefits of the program. The main changes include:
- Large dollar amount disclosures will no longer qualify
- Estimated taxes owing must be paid in full with the VDP application
- The abolition of anonymous no name disclosures
Failing to file tax returns or declare income can become a very serious problem, very quickly. Hundreds of Canadians just like you are prosecuted each year for failing to file returns and declare income. The changes to the CRA Voluntary Disclosure Program will greatly reduce your ability to avoid potential penalties and even jail time. It is vital to submit your VDP application as soon as possible before time runs out.
We are the CRA Voluntary Disclosure Program/VDP Experts
With great success, we routinely make VDP applications on behalf of individuals and businesses and we can help you too. Owing money to the CRA is not illegal, but failing to file tax returns and not disclosing income is! Let us help you solve your tax problem today.
To request your free consultation, please call us at (855) 662-7229, or fill in the form on the top of this page.