- The CRA has revised its voluntary disclosure program (VDP), eliminating the “Limited Program” and introducing two categories of disclosure: “unprompted” and “prompted.” Unprompted applications receive 75% interest relief and 100% penalty relief, while prompted applications receive 25% interest relief and up to 100% penalty relief. The changes take effect on October 1, 2025, with applications before this date considered under the old guidelines.
Source: taxinterpretations.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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