Précis: Between them the taxpayers were assessed for more than $3,000,000 in unreported income from a jewellery/currency exchange business in their 2007 taxation years. During a raid more than $2,500,000 in cash in the aggregate was found on their premises. CRA reconstructed their income using an indirect audit method. The Court accepted CRA’s position and the appeals were dismissed with costs.
Kang v. R. - TCC: Indirect audit method accepted for currency exchange businessREAD MORE »