Voluntary Disclosures Program: CRA's Second Chance

On June 15, 2026, CRA released additional guidance about the Voluntary Disclosures Program (VDP).

The program allows taxpayers in certain circumstances to come forward and correct previous tax omissions or errors.

Will Using the VDP Trigger Future Audits?

CRA states that voluntarily coming forward through the program does not automatically result in increased monitoring or surveillance of future tax returns.

Is It Financially Worthwhile?

Taxpayers must still pay the underlying tax owing. However, CRA notes that qualifying applications may receive:

• Up to 100% relief from certain penalties
• Significant interest relief

What If the Outcome Is Uncertain?

CRA indicates that the revised program is intended to provide taxpayers with more clarity regarding the relief they may receive.

Taxpayers can also request a pre-disclosure discussion to better understand their circumstances before formally applying.

Action: CRA continues to develop new systems and technology for identifying unreported income. Taxpayers with unresolved issues may wish to consider addressing them sooner rather than later.