Updated: Warning on CRA reporting requirements for Joint Accounts and In-Trust-For Accounts
Update for March 28, 2024: The Canada Revenue Agency (CRA) has announced that Bare Trusts are now exempt from trust reporting requirements for the 2023 tax year - more info follows. To paraphrase the update, we're quoting the post New – Bare trusts are exempt from trust reporting requirements for 2023: In recognition that the new reporting requirements for bare trusts have had an unintended impact on Canadians, the Canada Revenue Agency (CRA) will not require bare trusts to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust), for the...
