April 2024 - Bare Trusts – Penalty Relief | T2200 – Employer Requirement? | Reliance on CRA's My Account | Canada Carbon Rebate | Short-Term Property Rentals – Denial of Expenses | UHT – CRA Commentary on Excluded Owner Proposals

Life in the Tax Lane (Canada)

Topics discussed (sources linked):

• Bare Trusts – Penalty Relief
• T2200 – Employer Requirement?
• Reliance on CRA's My Account
• Canada Carbon Rebate
• Short-Term Property Rentals – Denial of Expenses – Source 1 and Source 2
• UHT – CRA Commentary on Excluded Owner Proposals – Source 1 and Source 2

* Late Breaking - Bare Trust Reporting Exemption!

On March 28, 2024 (after this episode of Life in the Tax Lane was recorded), CRA announced that bare trusts would be exempt from trust reporting requirements for 2023. CRA stated:

“To support ongoing efforts to ensure the effectiveness and integrity of Canada’s tax system, the Government of Canada introduced new reporting requirements for trusts.

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 2023 tax year, unless the CRA makes a direct request for these filings.

Over the coming months, the CRA will work with the Department of Finance to further clarify its guidance on this filing requirement. The CRA will communicate with Canadians as further information becomes available.”

For more information, see CRA’s Tax Tip .

Like what you're listening to? Join our mailing list at videotax.com/mailing-list to stay in the know with new video releases, products and upcoming promotions.

Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer. ©Video Tax News Inc. 2024, All Rights Reserved.