Remember the bare trust reporting issues where the 2023 filing requirements were waived in 2024, on the eve of the filing deadline? Remember CRA proactively waiving the filings for 2024?
How many people remember (or were even aware) that these requirements remain, unchanged, in the Income Tax Act, although proposed legislation would carve out some situations from the filing requirements.
I'm glad to see that Erica Alini at the Globe and Mail remembers, and is reminding all of us well before the March 31, 2026 filing deadline for 2025 returns. Hopefully these reminders will make their way to our MPs and they can focus on amended legislation that focuses on the real targets of this initiative and removes filing obligations for ordinary Canadians, most of whom likely don't even recognize the bare trust arrangements that they are involved in.
Check out her article atRemember the bare trust reporting issues where the 2023 filing requirements were waived in 2024, on the eve of the filing deadline? Remember CRA proactively waiving the filings for 2024?
How many people remember (or were even aware) that these requirements remain, unchanged, in the Income Tax Act, although proposed legislation would carve out some situations from the filing requirements.
I'm glad to see that Erica Alini at the Globe and Mail remembers, and is reminding all of us well before the March 31, 2026 filing deadline for 2025 returns. Hopefully these reminders will make their way to our MPs and they can focus on amended legislation that focuses on the real targets of this initiative and removes filing obligations for ordinary Canadians, most of whom likely don't even recognize the bare trust arrangements that they are involved in.
Check out her article at Ottawa's new take on bare trusts has big exemptions but some issues persist
| The Globe and Mail |
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| Ottawa's new take on bare trusts has big exemptions but some issues persist |
| Federal government initially broadened tax-filing requirements for trusts to curb money laundering and tax dodging, measures lambasted by accountants |
| View this on The Globe and Mail > |
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CONFLICT OF INTEREST WARNING: I am quoted in her article - and I am in excellent company in that regard.
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Hugh Neilson
Kingston Ross Pasnak LLP
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