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Canada US flags and beneficial ownership rules

Update: U.S. judge lifts injunction suspending Corporate Transparency Act and beneficial ownership reporting rules

A significant compliance requirement for Canadian companies with subsidiaries in the United States is the obligation to disclose information about the individuals that own or control those companies through Beneficial Ownership Information (BOI) reporting rules. The U.S. Corporate Transparency Act (CTA) also mandates that, in certain cases, the beneficial owners of a foreign-owned company with […]

rResidential property risk from the Underused Housing Tax

April tax news: Residential property risk, bare trust dangers & taxable tips

RESIDENTIAL PROPERTY WARNING — HUGE PENALTIES!! Are you involved with a residential property that is not owned directly by a human being who is either a Canadian citizen or a permanent resident of Canada? For example: A cottage is held in a Trust, which the family patriarch set up before his death years ago, so […]

Trust Reporting

No, trust reporting rules haven’t changed—yet

Canadian taxpayers would be forgiven for being at least slightly confused in recent months by the federal government’s new incoming (yet delayed) trust reporting requirements. You’ll recall that in the 2018 federal budget, Ottawa laid out plans that would require all non-resident trusts to provide additional beneficial ownership information alongside the T3 returns they are […]