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

Paul Ives, K.C. joins Ramsay Lampman Rhodes in Courtenay

RLR Lawyers is pleased to announce that Paul Ives, K.C. has joined the firm in our Courtenay office where he will continue to assist clients with corporate and commercial transactions, wills and estate planning, and real estate development. You can find Paul’s new contact information and learn more about the legal expertise he has to…

July 8, 2022