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

B.C. Introduces Land Owner Transparency Register

On November 30, 2020, the Land Owner Transparency Act (“LOTA”) came into force in B.C. This legislation will impact almost everyone who acquires or currently holds an interest in land through a corporation, partnership, or trust. In particular, LOTA: requires disclosure by individuals who hold, directly or indirectly, beneficial interests in land in British Columbia through a…

January 8, 2021