Quote:
Originally Posted by PepsiFree
Tax deadline is in a month! nerd!
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Revised trust deadlines were March 30, 2024. Not April 30, 2024. Bare trusts are just a small part of the new trust filing requirements, but the one that gave most accountants and tax preparers the greatest concern.
Failure to file penalties were basically $2,500 or 5% of the highest FMV of the year, whichever is greater. A $500K property at 25% is $25K. $25K for failure to file of an INFORMATION return. If that's not bullying, isn't that extortion?
My literal words to some clients were, "I understand what the CRA is trying to do. But the way they are implementing it, educating clients about it etc. It feels more like being bullied."
When asked by accountants, tax preppers, lawyers etc. about extensions for bare trusts, CRA has previously said, they'd give an extension from March 30, 2024 to April 2, 2024. 3 day extension months in advance and then exempting (basically cancelling) the bare trust requirement. Absolute bull####.
As much as some don't like to hear what accountants have to say, make no mistake, we are on the taxpayer's side, not the CRA's side.