CRA is proposing changes to its Voluntary Disclosure Program (VDP). In response, Knowledge Bureau submitted the following comments for government review in advance of the August 8, 2017, consultation deadline:
The federal government is on the hunt for new tax revenue from Canada’s small businesses, mainly because of an erosion of the personal tax base and a significant shift of taxable income to the corporate tax base instead.
In July, we asked you to vote on the following question: Does CRA do enough to ensure Canadians understand income tax and GST/HST implications of flipping personal residences? (For example, taxable dispositions require repayment of new housing rebates.)