CRA Net Worth Audit?
Fight Back with Capital Tax Law!
Worried about a CRA Net Worth Audit? Challenge discrepancies & defend your financial situation with Capital Tax Law’s experience in tax law. Get A FREE Consultation Today!
Facing a CRA Net Worth Audit?
You’re not alone. These complex audits can be stressful, but you don’t have to go it alone. Capital Tax Law is here to be your trusted advisor, helping you navigate the process and protect your rights.
Understanding Net Worth Audits
A net worth audit is conducted by the Canada Revenue Agency (CRA) under the authority of the Income Tax Act. The CRA has the power to assess a taxpayer’s financial situation, regardless of whether a tax return has been filed. During a net worth audit, the CRA compares a taxpayer’s reported income with their lifestyle or assets. If there is a discrepancy between the increase in a taxpayer’s wealth and their reported income, it will be considered as unreported income and accordingly with consequent penalties and interests.
When to Expect a Net Worth Audit?
Unreliable Records
If your bookkeeping is messy, the CRA might resort to a net worth audit.
Lifestyle Discrepancies
Does your lifestyle seem to contradict your reported income? This can raise red flags.
Cash-Based Businesses
Restaurants, hair salons, and similar businesses are more susceptible due to the difficulty of tracking transactions.
Why Choose Capital Tax Law for Net Worth Audits?
Unmatched Expertise
Our team combines the sharp legal minds of experienced tax lawyers with the deep accounting knowledge of qualified accountants. This unique blend ensures we understand the nuances of both tax law and financial records, giving you a strategic advantage.
Meticulous Analysis
We meticulously review every aspect of the CRA's assessment, identifying errors and building a strong defense based on both legal and accounting principles.
Clear Communication
We keep you informed every step of the way, empowering you to make informed decisions throughout the process.
Don't Become a Statistic: Fight Back with a Powerful Team!
The CRA’s calculations might be inaccurate, leading to unfair assessments. Our team of tax lawyers and accountants will:
Challenge Unfounded Claims
We meticulously analyze the CRA's assessment, identifying errors and omissions in both legal interpretations and financial calculations.
Gather Supporting Evidence
We work together to gather documentation to demonstrate the legitimacy of your financial situation, utilizing both legal and accounting best practices.
Negotiate with the CRA
We strive for a fair outcome through negotiation with the CRA on your behalf, leveraging our combined legal and accounting expertise.
Take Control of Your Situation.
Schedule Your FREE Consultation Today!
A net worth audit doesn’t have to be a nightmare. Capital Tax Law is here to guide you through the process. Schedule your FREE consultation to discuss your specific situation and explore the best course of action.
Remember, you have rights. Let our powerful team of tax lawyers and accountants help you protect them.