CRA Voluntary Disclosure Program 2025 Explained | What’s Changed & What It Means

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 even 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

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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