Voluntary Disclosure

The CRA Voluntary Disclosure Program

The VDP or Voluntary Disclosure Program used to be a program that allowed an average taxpayer the opportunity to come forward and address their tax issues without fear of penalties or prosecution. In March of 2018 this program dramatically changed.

  • The amount of information that is required to disclose in now significant.
  • Payment in full of the estimated tax owing is required upon filing or an acceptable payment arrangement must already be in place.
  • You now typically only get one VDP in your lifetime.
  • You may not qualify for penalty relief in all cases.
  • The new structure is designed to be harder to succeed.

In our opinion, these programs have been put out of the reach of ordinary people. At Cawston and Associates Inc. we do VDP’s on a flat rate basis to ensure all of our clients have access to the program.

Did you know that foreign shares, even if they are in a Canadian Bank account are considered foreign property included on the T1135. One of the most common VDP’s we do is for clients who fail to disclose foreign property or income on a T1135 Statement. The penalty for late filing a T1135 is $2500.00 per year.

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Feel free to call us to talk about your tax related issues. Alternatively, you may fill out the form below and we will contact you.
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