What are Net Worth Tax Audits? A net worth audit is an indirect tax audit technique used by the Canada Revenue Agency or CRA where it has cause to believe the taxpayer’s usual records are not an accurate reflection of the taxpayer’s income. To conduct a net worth audit,...
Introduction: The Starting Point of the Taxation of Employment Income Every person resident in Canada must pay income tax on the taxable income for each taxation year. Section 3 of the Canadian Tax Act sets out five main sources of income: office, employment, business, property, and capital gains/losses. In...