Coming Up…

Trowbridge would like to thank our team, clients, and colleagues for another wonderful year, as we look forward to what 2018 will bring.

We wish everyone very a joyous New Year and hope you enjoyed your holidays!

In addition, please note that our offices will be reopening January 2nd.

Please make sure to check our Important Dates section below, to know your deadlines for our team. 
To connect with us on Instagram, LinkedIn, or Twitter, simply click on each symbol above and "follow" our page! 
Upcoming Events

Tax Seminars:

January 17, 2017
Playa Del Carmen, Mexico
Partner Wayne Bewick, with myMexpert and J.A. Del Rio
MORNING :
10:00 AM - 12:00 PM
EVENING :
4:00 PM - 6:00 PM
Wyndham Garden, Playa del Carmen,
Lote 5, Manzana 29 Fraccionamiento
Playacar, 77710


January 18, 2017
Playa Del Carmen, Mexico
Partner Wayne Bewick, with myMexpert and J.A. Del Rio
MORNING :
10:00 AM - 12:00 PM
EVENING :
4:00 PM - 6:00 PM
Wyndham Garden, Playa del Carmen,
Lote 5, Manzana 29 Fraccionamiento
Playacar, 77710

CRA Voluntary Disclosure Program Update
In June of 2017, Trowbridge reported the proposed changes to the CRA Voluntary Disclosure Program (VDP) that would take effect January 1, 2018, based on the recommendations of the Offshore Compliance Advisory Committee (OCAC) who reviewed the VDP to improve this part of Canada's taxation policies. Trowbridge also encouraged our readers to take advantage of CRA's online consultation on the changes that were proposed. Ultimately, the date that the changes will take effect has been pushed back to March 1, 2018, and the new policies in the final version of the program will likely contain some version of the proposed changes below.

Essentially, the VDP guidelines currently allow Canadians who know they have made mistakes on their previous tax returns, from at least one year prior, to come forward and notify the CRA of their misfiled documents. They can then make the appropriate changes to the information without fear of persecution. 
 
The proposed changes would drastically change these policies, including:
  • Cracking down on major cases of non-compliance and providing less relief in such cases
  • Adding payment of taxes owed as a condition to qualify for the VDP
  • Canceling VDP relief for any applications that are found to be incomplete due to willful misrepresentation
  • Making corporations with more than $250 million in gross revenue and/or any whose application involves transfer pricing, excluded from VDP relief
  • Changes the calculation of interest relief that accepted applications are eligible for
  • Ending VDP relief for applications involving proceeds from criminal acts
 
The new program will also place applicants in one of two categories:
1)  the general program, which allows full penalty relief and partial interest relief, or
2)  the limited program, for cases of major non-compliance usually citing willful negligence and fault on the part of the taxpayer, which would only qualify the applicant for some reduced relief. 

While the changes will now be taking effect on March 1, filings under current policies will have to be submitted by February 28, 2018 , and we will keep all our clients informed as the new policies become known.

For more information, please contact: 
info@trowbridge.ca



Holiday Spirit at Trowbridge
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Trowbridge is an independent member of The Global Tax Network .


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WANDERTRUST is a newsletter compiled with a digest of some timely and relevant news links or articles selected for the WANDERTRUST newsletter from thousands of sources by an independent newsletter consultant. Trowbridge Professional Corporation or any associated company does not endorse any of the advertised products and services. Opinions expressed in the articles or news links are those of the author and not of Trowbridge/associated company. Trowbridge does contribute an article written by a variety of staff members, but does not provide any tax advice or consulting in these articles. No information contained in any articles, whether sourced or provided by Trowbridge/associated companies, is to be considered tax advice, and we strongly recommend that you consult with a tax professional.