Revenue Canada Personal Tax Audit?

have produce accounting, financial , tax records including bank statments , credit card statements support claims on tax returns. if think relevant support claims, refuse produce them or have lost them or unable produce duplicated copies, expense or credit claims on tax returns denied, or income increased. authority provided in cdn income tax act.

if tell doing net worth audit on you, asked provide documents showing assets (savings account, chequing account, house, car, etc.), liabilities (credit cards, mortgage, loans, etc.), annual travel expenses, cash expenses, sources of revenue or receipts, contents in safety deposit box, etc.

additional comments re additional details:
sometimes, dont tell net worth audit. stands, whether net worth audit or not, cra wants bank statements verify the bank deposits (or revenue of business), , distursements (expenses or expenditures), , credit card statements verify expenses or expenditures. appears that, based on statements requested cra, self employed or have business, , such, bank statements , credit card stmts minimum financial records support business income or loss reported on tax returns.

info requested relates directly or indirectly filed or claimed or reported on tax returns -your business operations. cant refuse produce them. if u do, demand them penalty warning. if "lost" them, net worth on you, , messy because documents demanded drive nuts.

do have produce bank statements , credit card statements personal audit? relevant , can enforce that? has gone through 1 revenue canada?

Business & Finance Taxes Canada Next