Rotfeisch & Samulovitch PC is a Toronto-based Canadian Tax Law firm specializing in income tax & business law.

Rotfleisch & Samulovitch PC is a Toronto-based boutique Canadian Tax Law firm specializing in income tax and business law. By staying small and specialized, we are able to respond quickly and effectively to our client's income tax issues and concerns as they arise. There's just one answer to a tax problem – an effective tax solution that's just right for you.

If you have not filed your Canadian tax returns, or if you have filed them and CRA believes that you have not reported all of your income, they may issue a new worth assessment. They take two financial snapshots, one at the start of the audit period and one at the end.
They add your reported income and expenditures to the opening financial position and subtract loans. If the amount is less than your closing net worth they will assess you for tax, penalties and interest on the difference.
Net worth assessments require an understanding of the accounting behind the CRA calculations and the proper inclusions and exclusions from the opening and closing balances. Our firm has a track record of fighting these assessments.

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