New rules for trust reporting are coming for 2023 returns
Please read if you have any bare trusts, or “in trust for” bank or investment accounts where the beneficiary is a minor:
The Canada Revenue Agency has introduced new reporting requirements for trusts effective for year-ends after December 30, 2023. As a result, some trusts that have never needed to report previously, like bare trusts and “in trust for” accounts, will need to start. The CPA Ontario article below provides the details. Note that you can safely ignore this post if a trust return is already prepared and filed annually by our firm since we will discuss the increased reporting requirement with you at filing time.
If you think you may be affected, please read the article. There are limited exceptions to the new reporting requirements, but don’t hesitate to contact us if you are unsure of your situation, as the penalties for not reporting when you should, are punitive.
Original Article Source Credits: CPA , https://www.cpacanada.ca/
Article Written By: ANNA SHARRATT
Original Article Posted on: APRIL 13, 2022
Link to Original Article: https://www.cpacanada.ca/en/business-and-accounting-resources/taxation/blog/2022/october/new-rules-for-trust-reporting-are-coming?sc_camp=3AE73D60DD5B48088A10587D65C85B3D