CRA Net Worth Audits
CRA is making more use of indirect tax audit techniques, including net worth tax audits. However the broader use of this technically complex tax audit method has resulted in lower audit standards, probably due to improper tax auditor training. The challenge of proposed net worth audit results requires a detailed analysis of both the work done by the CRA tax auditor and the client books and records. Our tax law firm has found fundamental errors in CRA working papers including double counting of shareholder loan amounts and of inter bank transfers.
Disclaimer:
"This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal advice nor can it or should it be relied upon. All tax situations are specific to their facts and will differ from the situations in the articles. If you have specific legal questions you should consult a lawyer."
