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Vancouver skyline with Stanley Park

Vancouver-based trust company manages $400 million in assets

the canadian parliament and library during the fall

Bill C-32 delays enhanced reporting requirements for trusts, but would implement a new tax credit, the surtax on banks and insurers, and more

Beautiful caucasian elderly couple in the park in autumn

Ability for both spouses to contribute independently opens up more possibilities

Advisor with clients

Simple arrangements such as joint bank accounts could be caught

Parliament Hill in Ottawa - Ontario, Canada

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

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

Clients may have bare trust arrangements without being aware of them

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

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

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

huge family portrait with parents and six kids

Complex relationships are increasing the risk of litigation

  • By: IE Staff
  • November 29, 2021 November 29, 2021
  • 15:05
time's up

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