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Not only is Dec. 31 the deadline for any last-minute, year-end tax planning you may be contemplating, but it may also be the last day to come clean to the tax man if you still have an undisclosed Swiss bank account.

If that’s you, consider getting your act together and filing a “voluntary disclosure” with the Canada Revenue Agency, advises Nicolas Simard, a Montreal tax lawyer with Fasken Martineau, in a recent tax note.

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Under the voluntary disclosure program, if you come forward to the CRA to disclose unreported income, you are protected from criminal prosecution, the imposition of penalties, interest relief and, in many cases, you can limit your tax liability on the unreported income generated in the offshore account to the past 10 years.

In recent years, Swiss banks have come under scrutiny and have faced billions of dollars in fines for assisting U.S. citizen clients in evading tax. In light of this, Switzerland, along with members of the OECD and the G20, endorsed the new “automatic information sharing standard,” which gives tax administrations around the world a powerful new tool to tackle cross-border tax evasion and non-compliance. The signatory countries committed to an annual exchange of all financial information, automatically, on a reciprocal basis with all participating countries. Switzerland will be initiating its first automatic information exchange with Canada by 2018.