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Parliament Hill in Ottawa - Ontario, Canada

The legislation also covered changes to RRSP and RRIF reporting, charity disbursements and more

Front view of the Parliament building in Ottawa, late winter, early spring

Several proposals from Budget 2021 were also included in the draft legislation

Canadian Parliament in Ottawa

Proposals from the 2023 budget are out for consultation until Sept. 8

  • By: IE Staff
  • August 4, 2023 August 4, 2023
  • 17:14
Man sitting in front of computer holding his face in frustration

The proposed regime will allow the CRA to identify accounts that have grown significantly

Advisor with clients

Simple arrangements such as joint bank accounts could be caught

Business lawyer team. Working together of lawyer in the meeting.

Clients may have bare trust arrangements without being aware of them

tax inspector investigating financial documents

Expanded trust reporting requirements announced four years ago were set to be effective, but feds still haven't passed legislation to enable them

time's up

New rule changes will pierce the privacy enjoyed by trusts that hold family cottages and other assets

The Buildings and Skyline of Ottawa

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