What are the conditions for a valid voluntary disclosure?
A disclosure must meet the following four conditions in order to qualify as a voluntary disclosure:
- the disclosure is voluntary, e.g. it is made before you become aware of any compliance action taken by the Canada Revenue Agency (CRA) against you;
- the disclosure must involve the application, or potential application of a penalty;
- the disclosure must include information that is at least one year overdue; and
- the information provided in the disclosure must be complete and accurate.