Welcome to Episode 3 of Advisors Table — where we break down the CRA’s Voluntary Disclosure Program (VDP) and the practical implications of the 2025 changes.

In this episode, we uncover:

• The difference between prompted vs. unprompted disclosures and why it matters

• How CRA letters, limited reviews, questionnaires, and public leaks can affect your VDP status

• Why timing and connection of issues determine whether your disclosure is considered prompted

• How to handle missing records and still make a valid disclosure

• Common fears: Will CRA see me as a “problem taxpayer”? Could future audits or inherited assets be affected?

• Why the VDP isn’t a planning tool or “second chance” loophole

• What to expect in terms of penalties, interest relief, and CRA discretion

Take action before CRA comes knocking. Know your options, reduce penalties, and get clarity.

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Timestamps:

00:00 - Introducing the Voluntary Disclosure Program (VDP)

01:30 - Overview of the VDP and Recent Changes

02:45 - Purpose and Benefits of the VDP

04:35 - Key Conditions for VDP Eligibility

06:15 - Understanding “Voluntary” and the New Tracks

09:30 - Impact of Third-Party Leaks on Eligibility

11:45 - Defining “Complete” and “Accurate” Disclosures

16:20 - Challenges with Data Collection and Estimation

19:45 - Relief Offered: Prompted vs. Unprompted Tracks

22:15 - Comparing the Old and New VDP Programs

26:00 - The VDP Application Process and RC199 Form

29:10 - Grounds for VDP Application Denial

31:45 - Making a Second VDP Submission

35:50 - Transition from the Old to New Program

38:10 - Practical Examples: Prompted vs. Unprompted

44:30 - Addressing Common Concerns and Misconceptions

49:05 - Fairness and the VDP as a Planning Tool

52:40 - Risks of Disclosure and CRA Discretion

56:20 - Practical Advice and Seeking Professional Help

59:45 - Long-Term Reputational and Future Implications