Some taxpayers who were required to file a trust return for 2023 may have been surprised to discover that they’d been assessed a late-filing penalty of $100 by the Canada Revenue Agency for the on-time filing of the Schedule 15 (Beneficial Ownership Information of a Trust) form that accompanied their 2023 T3 Income Tax and […]
YOU CAN BE LIABLE FOR A FAMILY MEMBER’S TAX DEBTS! There Beware of getting money, gifts or transfers of property from a family member, including your spouse, if that person owes (or might possibly owe) any money to the Canada Revenue Agency (CRA), for either income tax or GST/HST. The CRA has the ability to […]
RESIDENTIAL PROPERTY WARNING — HUGE PENALTIES!! Are you involved with a residential property that is not owned directly by a human being who is either a Canadian citizen or a permanent resident of Canada? For example: A cottage is held in a Trust, which the family patriarch set up before his death years ago, so […]
Canadian taxpayers would be forgiven for being at least slightly confused in recent months by the federal government’s new incoming (yet delayed) trust reporting requirements. You’ll recall that in the 2018 federal budget, Ottawa laid out plans that would require all non-resident trusts to provide additional beneficial ownership information alongside the T3 returns they are […]
Copyright KRP LLP 2020
KRP LLP is a proud member of Russell Bedford International – a global network of independent professional services firms