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
James Rhodes Joins the RLR Partnership
We are delighted to announce that effective January 1, 2024, James Rhodes joined Ramsay Lampman Rhodes as a partner. With a focus on real estate and business law, James has consistently demonstrated outstanding dedication and expertise that has benefited our clients. Join us in congratulating James. We are confident that his contributions to the firm…
January 3, 2024
31st Annual Comox Valley Healthcare Foundation Golf Classic
Join us on June 23rd for a day of fun at the 31st Annual Comox Valley Healthcare Foundation Golf Classic! The event takes place at the Crown Isle Resort & Golf Community and promises to be a great time filled with amazing hole-in-one prizes, 18 challenging holes of golf, a buffet dinner, and an exciting…
May 30, 2023
Proud to Support the Hesquiaht Storm U17 Girls Basketball Team!
At Ramsay Lampman Rhodes, we are proud to support the dedicated young athletes of the Hesquiaht Storm U17 Girls Basketball Team. They’ve got a tournament coming up this May long weekend and we wish them every success.
May 19, 2023