Wife called CRA this morning wanting to clarify new rules and use a couple accounts as an example.
Went about as well as you would think.
using this example do we need to report. Ans: I cannot comment
is there someone at CRA that can answer this question. Ans: No
You need to hire a tax lawyer or accountant.
🤬🤬
The information out there is even the most innocent joint accounts, say birthday money for kids might need to be reported.
You can’t tell me you won’t answer the question and that I need to spend several hundred dollars to find out and non-compliance can be fines of thousands.
@maleve Someone suggested this is perhaps prelude to an estate tax? Like you said, govt should already have all the details of all the bank accounts and who has access, but maybe it's easier for them to have taxpayers collect and submit all this data to CRA -- save em a bunch of work.
Add comment