The CRA is consulting on proposed changes that will restrict GST/HST relief under draft guidelines for its Voluntary Disclosures Program (VDP).
Although the VDP can be a useful process to correct prior years’ income tax compliance matters, the new proposed changes to the VDP further curtail the current application for GST/HST purposes. While the CRA is proposing to maintain interest and penalty relief for certain GST/HST “wash transactions”, it has otherwise proposed to offer only reduced relief for other transactions, and will now require registrants to pay the estimated tax owing on filing an application.
Download this edition of the TaxNewsFlash to learn more.
© 2018 KPMG LLP, a Canada limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.