Financial Disclosure Statement

A financial disclosure statement is the summary of a taxpayer's finances the Canada Revenue Agency requests when assessing a request for a payment arrangement or a hardship-based relief claim. For individuals it typically combines a statement of monthly income and expenses with a statement of assets and liabilities. The CRA uses it to gauge both the taxpayer's ability to make monthly payments out of cash flow and their ability to raise funds by borrowing against or liquidating assets. Officers may ask for supporting documents, and the disclosure is expected to be accurate and verifiable.