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.
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