In July, The Globe and Mail was reporting that the CRA was getting ready to “relax the rules for confessing secret, offshore accounts”. Apparently the CRA was considering a new policy that would have required taxpayers to go back only 10 years but that would have limited interest relief (currently, the CRA will consider relief for any year more than three years in the past (but not longer than 10 years in the past)).
Apparently, the CRA has thought better of this change. I was just informed by a CRA voluntary disclosure officer that the CRA has decided not to proceed with a new policy at this time.
