

What is the Voluntary Disclosure Program and how can it help me?
Tax filings can be complicated and occasionally you may miss a filing or make an incomplete or inaccurate filing or overlook information or returns that should have been filed. The Voluntary Disclosure Program (VDP) is administered by Canada Revenue Agency (CRA) to encourage taxpayers to comply with Canada’s tax laws without incurring penalties for missed, incomplete and inaccurate filings.
By making a valid disclosure under the VDP, you would pay only the taxes and interest owed and you may avoid any penalties or potential prosecution on the information disclosed.
There are many types of information that you can disclose to CRA such as:
To be accepted as a valid disclosure under the VDP, your submission must meet all of the following four conditions:
You cannot make a disclosure more than once on the same issue. For example, if you have missed a T1135 Foreign Income Verification Statement in a previous year and made a valid disclosure for this missed filing under the VDP, you cannot use the VDP at a later date to file another missed or incomplete T1135. Therefore, you want to use this program carefully and ensure that you disclose all incomplete or late filings on the same issue as one submission under the VDP and then be very diligent and thorough with your filings around this issue in subsequent years.
If you are considering filing under the Voluntary Disclosure Program, please contact us.
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A division of EPR Maple Ridge Langley CPAs, we are local Chartered Professional Accountants (CPAs) who primarily serve Langley, Surrey, and Abbotsford in British Columbia.
Our clients are primarily manufacturing and distribution companies, but we also have a division specializing in International tax, which includes Canadian companies expanding into foreign markets and foreign companies expanding into Canada.
We are also member of the Fraser Valley TAX Technical Group (FVTTG).
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