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 Brendan Gemmell

Ramsay Lampman Rhodes is pleased to announce that Brendan Gemmell has joined our Nanaimo office. Brendan has experience assisting clients in resolving a wide variety of family law matters both in and out of court. He also advises and represents clients in civil litigation matters. For Brendan’s contact details and to learn more about his…

August 3, 2022

Parenting Arrangements and COVID-19

COVID-19 poses distinct challenges for families who share parenting time between two households. Many parents wonder if transitioning a child back and forth between homes is a safe practice during a pandemic. In these unusual times, most co-parenting arrangements can and should continue. Parents should not assume that an existing parenting schedule is automatically “paused”…

April 29, 2020