In December 2016, the Offshore Compliance Advisory Committee, which was established by the Minister of National Revenue in April 2016, released its first report setting out a series of recommendations for the future administration of the Voluntary Disclosures Program. The Voluntary Disclosure Program is administered by the Canada Revenue Agency (“CRA”). The program is intended to incentivize taxpayers to disclose non-compliance with Canadian tax laws - a taxpayer’s valid disclosure accepted by the CRA should be entitled to a waiver or cancellation of penalties that would otherwise be imposed, to partial interest relief, and to be eligible for relief from criminal prosecution. My article discusses the Offshore Compliance Advisory Committee’s recommendations for the program and their potential implications for taxpayers.
Here is the link to the article on the Ontario Bar Association’s website.