Some Canadians should take action before the U.S. Offshore Voluntary Disclosure Program ends.
Canadians required to file a U.S. tax return that also have offshore assets that have not yet disclosed to the U.S. tax authorities should consider taking action before the U.S. Offshore Voluntary Disclosure Program ends on September 28, 2018. This U.S. program allows U.S. taxpayers, including those living outside the United States, to voluntarily resolve past non-compliance issues related to foreign financial assets and foreign holdings to limit their exposure to penalties. As a result, affected taxpayers may want to consider making a voluntary disclosure as soon as possible before the program ends this fall.
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