The Federal Government has introduced new reporting rules for certain Trusts, effective December 31, 2023. As a result of new disclosure rules, Teed Saunders Doyle may contact you to inquire about Settlor, Trustee and Beneficiary information when preparing this year’s T3 Trust and Income Tax Benefit Returns.
The new reporting rules could also impact individuals who may not even realize they have a Trust, but are involved in certain transactions. If you answer “yes” to any of the questions below, you should contact your Teed Saunders Doyle representative.
- Do you own property which is for the benefit of another individual?
- Have you co-signed a mortgage for your child or other family member?
- Do you have a bank account “in trust” for a minor child?
If any of the above transactions are relevant to you, the Canada Revenue Agency might require you to file a trust return for the December 31, 2023 reporting period.