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 scrutiny. 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.
Take Note
This document is not intended to create an attorney-client relationship. You should not act or rely on any information in this document
without first seeking legal advice. This material is intended for general information purposes only and does not constitute legal advice. If you
have any specific questions on any legal matter, you should consult a professional legal services provider.