Nobody wants to pay more taxes than needed, so many Canadian taxpayers may decide to use a technique known as “Income Splitting” to lessen part of their tax obligations. Many small business owners forget to add their spouses and children as shareholders...
The Canada Revenue Agency (CRA) uses the Net Worth Audit (sometimes called a Net Worth Assessment) as an income verification technique to track changes in a taxpayer’s wealth over the audit period. The first step of the net worth audit is to examine the...
