Preparing a Voluntary Disclosure (VDP) - Tips and Traps

  • Accountant
  • CPA (CA)

Published: July, 2021

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  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • What is the VDP and its purpose?
    5 mins
  • Common examples where Relief Will Typically Not be Considered
    20 mins
  • A Second Application by the Same Taxpayer
    29 mins
  • Condition for a VDP application
    34 mins
  • No more no-name disclosures
    50 mins
  • Walkthrough of RC199-VDP application
    71 mins

Course Description

The Voluntary Disclosures Program (VDP) grants relief on a case-by-case basis to taxpayers and registrants who voluntarily come forward to fix errors or omissions in their tax filings before CRA knows or contacts them about it.

 

Most Canadians file and pay their taxes in full and on time, and it is important that the relief provided under the VDP be fair and it should not reward individuals or corporations looking for a way to avoid paying their fair share of taxes. To be fair to all, the CRA grants a higher level of relief to those who are correcting an unintentional error than to those who intentionally avoided paying their taxes

 

The online professional development course offers an overview of the CRA’s voluntary disclosure program (VDP).

In this online CPD course the speaker will discuss about:

The purpose and objective of VDP

Five conditions of a valid application

Two categories of VDP.

 

In this online CPD webinar for CPAs, the speaker Big4 CPA will share his practical experience and provide a practical perspective on filing VDP applications for different types of tax issues.

The continuing professional development course also includes a walkthrough of Form RC199.

Key topics covered in this online CPD webinar are:

  • Introduction and backgrounder
  • Principal and purpose of VDP
  • Conditions for a valid VDP application
  • VDP two categories - Limited and general program
  • Practical changes for income tax practitioners
  • Where to send VDP applications
  • Pre-Disclosure Discussion
  • Walkthrough of Form RC199

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Learning Objectives

  • To discuss common issues addressed through the VDP.
  • To discuss conditions for a valid VDP application.
  • To discuss significant difference between old and new VDP.
  • To discuss what is large corporation.
  • To discuss what is sophisticated tax payer.
  • To discuss the effect of VDP on penalty relief.

Recommended For

  • This online CPD webinar for CPA(Canada) is recommended for all the tax professionals engaged in advising individuals and corporations. 
  • This online CPD course is recommended for professionals working at a Canadian or Foreign multinational company as a tax manager or director.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Chartered Professional Accountant
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 CPD Credit of Taxes for Chartered Professional Accountant (CPA Canada)
  • 2 General Credit for Accountant/Bookeeper

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

Presenter

About Presenter

Big4 CPA

Founder, AK Consulting Inc.

We are a team of Big4 CPA, CA and other professionals. We offer wide range of professional development courses for CPA members relating to Canadian Taxation, International tax, Accounting, Ethics, Business, Workplace Teams & Culture, High Performance, Soft skills, and Personal Development.

We also work with third party content creators to offer unique CPD for our CPA members, such as on latest technology, cyber security, digital marketing. and various other interesting topics.


Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
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  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

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