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While postal code based audits are not new, CRA’s formalization of the project is. CRA will be targeting several wealthy neighbourhoods to try to ensure that all income by high net worth individuals has been properly reported. CRA has specifically not released what neighbourhoods will be subject to tax auditor scrunity. Anyone who has unreported income or unreported offshore assets can avail themselves of the CRA voluntary disclosure program to avoid tax prosecution and tax penalties.

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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