Canadian Revenue Agency Launches Voluntary Disclosure Program for Tax Error Corrections with Penalty Relief

• Canadian Revenue Agency announced a voluntary disclosure program for taxpayers to correct tax errors or omissions
• Program includes all tax types such as income tax, GST/HST, withholding taxes, excise duties, luxury tax, underused housing tax, digital services tax, and global minimum tax
• Taxpayers can apply if disclosure is voluntary, relates to a tax year at least one year past due, includes all supporting documents, and includes payment or arrangements for taxes owed
• Benefits include penalty relief, interest relief, and no referral for criminal prosecution for disclosed issues
• 75 percent interest relief and 100 percent penalty relief for unprompted applications
• 25 percent interest relief and 100 percent penalty relief for prompted applications
• Application process includes pre-disclosure discussion, revenue authority review, and taxpayer right of redress

Source: news.bloombergtax.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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