The following excerpt is from an article written by Paul DioGuardi Q.C. printed in the Winter 2003 issue of Offshore Finance Canada:
Revenue Canada (CRA) has a discretionary power to cancel or waive penalties and interest and to correct inaccurate or incomplete information that the taxpayer had previously provided. If the disclosure is accepted, there will be no civil penalty or criminal prosecution. The number of years subject to tax and the amount of interest may also be reduced. Substantial savings may be the result.



Ted Woloshyn from Newsradio 1010 and Philippe DioGuardi





