CRA Net-Worth Audits and Inheritance: What This Tax Court Case Shows скачать в хорошем качестве

CRA Net-Worth Audits and Inheritance: What This Tax Court Case Shows

CRA sometimes uses lifestyle and net-worth audits when personal spending appears higher than reported income. This video walks through a real Tax Court of Canada decision and explains how judges examine evidence, calculations, and documentation. In Fuhr v. The King and 1499546 Alberta Ltd. (2024 TCC 43), CRA reassessed years that were already closed, relying on a net-worth and bank-deposit analysis. The Court reviewed inheritance records, shareholder draw classifications, and corporate bookkeeping before reaching its decision. What this case highlights for business owners: Inheritance and estate funds play a major role in explaining personal cash flow Shareholder draws require proper classification to avoid being treated as personal spending Net-worth calculations depend on accurate inputs and consistent methodology Well-maintained books, reconciled bank accounts, and stable margins carry strong credibility in court Courts focus on evidence rather than assumptions when reviewing CRA reassessments This video explains how the Court evaluated the facts and why both the individual taxpayer and the corporation succeeded in their appeals. If you are a business owner, landlord, or incorporated professional in Canada, this case provides valuable insight into how CRA audits are assessed and how proper records support your position. Case link (Tax Court of Canada – publicly available decision): https://www.canlii.org/en/ca/tcc/doc/... Disclaimer This video is for general educational purposes only and discusses a publicly available court decision. Tax outcomes depend on individual facts and circumstances. Professional advice is recommended for your specific situation. If you want help preparing audit-ready records or clarity around CRA reviews, reach out to us. Email: aman@cloudiverse.ca Phone: 604-200-4027