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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.

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."

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