Net Worth Assessment - Boroumand v The Queen
The taxpayer in Boroumand v The Queen, 2011 3310(IT)G lost his Tax Court Appeal and he was assessed over $3.5 million of unreported income as a result of a CRA net worth assessment. His Canadian tax lawyer argued that much of the money was gifts and an inheritance from Iran but he was unable to provide proper evidence at trial of the source of funds.
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