Net Worth Assessments (NWA)

CRA now has as a standard policy that all audits should be done on a net worth basis. This is wrong on a whole bunch of fronts. Firstly a NWA (Net Worth Audit) should not be done in the fact of a good set of books and records. Secondly if CRA wants to keep this as a policy then they need to give Canadians advance notice that they need to keep track of their personal finances (non business) so that taxpayers can be prepared for the audit that they are given 30 days to prepare for.

In my opinion this is tax war!  Keep good books and records. Pay the tax you are supposed to pay, no more and no less. And when CRA wants to enter your dwelling house to see what valuables you have tell then NO! And when they want the financial information from other members of the family that are not related to your business tell them you do not have permission of the persons to do so. Tell CRA to raise a legal requirement to comply with providing private information on other parties. And when they ask you to fill out a form telling them what you spend your after tax dollars, point out that they are violating your personal rights to privacy.

At the moment we are in locked horns mode with CRA over this.

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