The Globe and Mail quotes Toronto lawyer Jenny Mboutsiadis in an article on the CRA’s areas of focus for audit activity.
Related-party audits: Since the CRA announced its intention to focus on aggressive tax planning in the high-net-worth population, Jenny Mboutsiadis, partner and tax litigator with Fasken Martineau DuMoulin LLP in Toronto, has noticed more related-party audits of high-net-worth individuals, with a view to ensuring they’re reporting foreign assets and income.
Ms. Mboutsiadis says the CRA is sending out queries to individuals or family members asking for information on the assets, shares, companies and trusts they own in Canada and other jurisdictions.
