New Tax Rules for 2023: Bare Trusts Face Unexpected Reporting Requirements and Penalties – UPDATE

UPDATE: CRA exempts bare trusts from trust reporting requirements for 2023 tax year.

Read the CRA Announcement:  March 28, 2024: Bare trusts are exempt from trust reporting requirements for 2023

March 8, 2024

New Trust Reporting Requirements – Bare Trusts are Caught

Almost all trusts must now file a T3 Trust Income Tax Return, regardless of activity or income. The filing deadline is April 2, 2024, and a failure to file may result in penalties and unfavourable tax implications. Notably, “bare trusts” are caught by the new rules. Bare Trusts In fairly simple terms, a bare trust…

February 28, 2024

RLR Lawyers welcomes Heather White to the Nanaimo office

RLR is delighted to welcome Heather White to our Nanaimo office. Heather is both a solicitor and a litigator. Her practice focuses on assisting clients primarily in real estate law and business law, including corporate and commercial law, with a particular interest in contracts. You can find Heather’s contact information and learn more about her…

July 20, 2022