Published: April 10, 2020
Last Updated: April 10, 2020
If you fail to keep proper books and records CRA (the Canadian income tax department) may do a net worth assessment, which looks at the increase in your assets over time and assesses income tax on that increase. We are Canadian taxation lawyers with experience in handling net worth assessments, and can assist in any Canadian province.
"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."