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
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
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