Canada: New guidelines, “voluntary disclosures” relief for large corporations restricted

Canada: New guidelines, “voluntary disclosures” relief

The Canada Revenue Agency (CRA) has proposed new guidelines to restrict the use of a voluntary disclosures program. As a result of these proposed changes, large Canadian companies would no longer be allowed to qualify for the program with respect to income tax matters—although some relief appears to remain for indirect (GST/HST) matters.

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In addition, the CRA has proposed to provide only reduced relief in certain circumstances under a new “limited program.” To qualify for the program, taxpayers would have to pay their estimated taxes at the time of filing an application. The CRA is accepting public comments on its proposed changes, as outlined in a new draft Information Circular and a new draft GST/HST Memorandum, until 8 August 2017. The CRA said it will officially announce changes to the voluntary disclosures program in the fall of 2017, with effect for 2018.

 

Read a June 2017 report [PDF 78 KB] prepared by the KPMG member firm in Canada

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