The decision by the Department of Finance to defer implementation of the proposed capital gains inclusion rate increase to January 1st, 2026, was welcomed by impacted taxpayers, notwithstanding all of the damage the proposals had already caused. They received more good news with the announcement that Ottawa is providing interest rate and penalty relief until […]
DEADLINE PENDING! MUST YOU FILE A TRUST RETURN? We have written before about the new trust reporting rules that were enacted by Parliament in December 2022, and which first apply for the 2023 tax year. The first reporting under these rules is required by April 2, 2024. (The deadline is 90 days after year-end. Because this year is […]
The Canada Revenue Agency has introduced significant changes to trust reporting rules. The new rules apply to trusts with taxation years ending after December 30th, 2023. Specifically, all trusts—except where specific conditions are met—must now file an annual T3 return, along with additional beneficial ownership information (completed in Schedule 15 of the annual T3 return). […]
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 […]
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