maleve, 2 months ago

Ok, so back to these new bare trust rules.

Something just feels wrong about how this is rolling out. It’s convoluted and unclear, and having asked the CRA and been told to seek the advice of a tax attorney it all seems wrong.

Journalists thankfully have written a few peices that in combination with the CRA docs can make some sense for the average person.

With these there pages you’d be well on your way in understanding the new requirements.

https://www.canada.ca/en/revenue-agency/services/tax/trust-administrators/t3-return/new-trust-reporting-requirements-t3-filed-tax-years-ending-december-2023.html

https://www.moneysense.ca/columns/ask-a-planner/what-new-bare-trust-tax-filing-rules-mean-for-canadians/

https://www.theglobeandmail.com/investing/personal-finance/taxes/article-a-how-to-for-people-caught-up-in-cras-confusing-new-rules-for/