The proposed regime will allow the CRA to identify accounts that have grown significantly
Simple arrangements such as joint bank accounts could be caught
Clients may have bare trust arrangements without being aware of them
Expanded trust reporting requirements announced four years ago were set to be effective, but feds still haven't passed legislation to enable them
New rule changes will pierce the privacy enjoyed by trusts that hold family cottages and other assets
Consultation paper outlines income tax measures announced in Budget 2018 that haven’t already been legislated
New rules might be viewed as a “piling on” of complex tax legislation that would be difficult to navigate
Proposals could have significant impact on trust and estate practitioners and their clients
Simplified rules intended to better target aggressive offshore tax planning schemes
Investors in income trusts could see a clearer picture of their investment risk as a result of recommendations for reporting of income trusts’ distributable cash issued today by the Canadian Institute of Chartered Accountants (CICA).Inconsistencies in how income trusts calculate distributable cash and other measures have made it difficult for investors to evaluate income trust […]