The legislation also covered changes to RRSP and RRIF reporting, charity disbursements and more
Several proposals from Budget 2021 were also included in the draft legislation
Department of Finance proposals would also reduce the number of people who must file a bare trust return, starting in 2025
Joint tax committee will ask Finance to change the existing legislation
Proposals from the 2023 budget are out for consultation until Sept. 8
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