Report outlines CRA communication failures that resulted in wasted time, effort, from taxpayers
Woman sought to have large inheritance placed in fully discretionary trust to avoid losing disability benefits
Why clients must avoid late payment, consider current loan structure
Bulletin alerts industry firms to risky activity involving legal profession
Department of Finance proposals would also reduce the number of people who must file a bare trust return, starting in 2025
Joint tax committee will ask Finance to change the existing legislation
Agency received more than 52,000 bare trust returns for 2023, despite issuing last-minute filing exemption
Trusts must disclose pre- and post-June 25 gains or face negative tax consequences
Funds can choose the option more favourable to fund holders — though detailed calculation comes with challenges
Trusts holding GICs would not qualify for a filing exemption available to low-value trusts