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Preparing a Voluntary Disclosure (VDP) - Tips and Traps

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Before starting this self study program, please go through the instructional document.

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.

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