03-28-2024, 01:07 PM
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#1
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First Line Centre
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Bare Trust reporting...suspended due to lack of interest (?) and confusion (!)
For any of you worried about the Bare Trust filing requirement (and I'm sure you ALL are....)  , there is news today:
https://www.canada.ca/en/revenue-age...utm_medium=eml
Note: there has been a LOT of backlash at these completely stupid and unwieldy rules released as a method of combatting (the usual) criminals, druggies, money launderers etc....except that it is actually making an ass of the law because it's affecting millions of ordinary people with ordinary arrangements.
New – Bare trusts are exempt from trust reporting requirements for 2023
March 28, 2024
To support ongoing efforts to ensure the effectiveness and integrity of Canada’s tax system, the Government of Canada introduced new reporting requirements for trusts.
In recognition that the new reporting requirements for bare trusts have had an unintended impact on Canadians, the Canada Revenue Agency (CRA) will not require bare trusts to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust), for the 2023 tax year, unless the CRA makes a direct request for these filings.
Over the coming months, the CRA will work with the Department of Finance to further clarify its guidance on this filing requirement. The CRA will communicate with Canadians as further information becomes available.
__________________
Hey...where'd my avatar go?
Last edited by taxbuster; 03-28-2024 at 01:10 PM.
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03-28-2024, 01:12 PM
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#2
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Craig McTavish' Merkin
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Do we need to set up a sub forum for accountants?
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The Following 2 Users Say Thank You to DownInFlames For This Useful Post:
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03-28-2024, 01:18 PM
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#3
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Monster Storm
Join Date: Apr 2007
Location: Calgary
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__________________
Shameless self promotion
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81MC,
aaronck,
BeltlineFan,
BlackArcher101,
bluejays,
btimbit,
Duruss,
Fuzz,
getbak,
greyshep,
Ironhorse,
MoneyGuy,
PaperBagger'14,
puffnstuff,
Sainters7,
topfiverecords,
TorqueDog,
White Out 403
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03-28-2024, 01:19 PM
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#4
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Participant  |
Quote:
Originally Posted by DownInFlames
Do we need to set up a sub forum for accountants?
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That or we just ban them all.
I’ll start making the list.
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03-28-2024, 01:22 PM
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#5
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Powerplay Quarterback
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No, we need to be able to follow them closely yet worship from afar like we do with the monarchy.
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03-28-2024, 01:22 PM
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#6
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Franchise Player
Join Date: Mar 2005
Location: Van City - Main St.
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Thank you!
These have been driving me insane (actually).
I might be in the small minority who needed this advice, but it's great news!
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03-28-2024, 01:25 PM
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#7
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Franchise Player
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Quote:
Originally Posted by DownInFlames
Do we need to set up a sub forum for accountants?
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A door for the subforum that actually just leads into a pit.
__________________
Quote:
Originally Posted by MisterJoji
Johnny eats garbage and isn’t 100% committed.
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03-28-2024, 01:29 PM
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#8
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Powerplay Quarterback
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Was just talking to firebug about this yesterday.
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03-28-2024, 01:42 PM
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#9
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Franchise Player
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Thank you this saves me a bunch of time!
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03-28-2024, 01:54 PM
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#10
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Looooooooooooooch
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I mean you bring in thousand of low wage immigrants in such a short time and then you have this.
Coincidence??!?11 I think not!
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03-28-2024, 02:00 PM
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#11
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Franchise Player
Join Date: Jan 2018
Location: Alberta
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I have no earthly idea what a bare trust is and even after looking it up am somewhat confused.
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03-28-2024, 02:04 PM
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#12
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Franchise Player
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Quote:
Originally Posted by Monahammer
I have no earthly idea what a bare trust is and even after looking it up am somewhat confused.
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Bare Trust is what you really need to have before going to a nude beach. Not to be confused with a Bear Trust, which is what you need before giving a grizzly a hug.
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03-28-2024, 02:10 PM
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#13
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Franchise Player
Join Date: Mar 2007
Location: Income Tax Central
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Quote:
Originally Posted by Monahammer
I have no earthly idea what a bare trust is and even after looking it up am somewhat confused.
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Just know that Sliver wants them exterminated!
__________________
The Beatings Shall Continue Until Morale Improves!
This Post Has Been Distilled for the Eradication of Seemingly Incurable Sadness.
If you are flammable and have legs, you are never blocking a Fire Exit. - Mitch Hedberg
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03-28-2024, 02:10 PM
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#14
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Franchise Player
Join Date: Jul 2003
Location: In my office, at the Ministry of Awesome!
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Anyone who trusts a bear gets exactly what they deserve.
I'm not saying I'm wishing anyone dead, that would be extreme.
But if a few more people had their honey or picnic baskets stolen, I think most of us would be better off.
__________________
THE SHANTZ WILL RISE AGAIN.
 <-----Check the Badge bitches. You want some Awesome, you come to me!
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03-28-2024, 02:25 PM
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#15
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Franchise Player
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If we're going to jail people for talking about talking about natural gas or heating their homes, we might as well jail them for something, something, something, trusts. Or bears. Or trust bears. Gummy bears?
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03-28-2024, 02:33 PM
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#16
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First Line Centre
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Quote:
Originally Posted by PepsiFree
That or we just ban them all.
I’ll start making the list.
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Just a comment on that: we work HARD and read tons of legal crap to keep YOUR money in YOUR pockets. Apparently not many actually appreciate that.
If you want to ban anyone, start with banning stupid posters in the Main Forums. I'll start making the list....
__________________
Hey...where'd my avatar go?
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03-28-2024, 02:57 PM
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#17
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Craig McTavish' Merkin
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Quote:
Originally Posted by taxbuster
Just a comment on that: we work HARD and read tons of legal crap to keep YOUR money in YOUR pockets. Apparently not many actually appreciate that.
If you want to ban anyone, start with banning stupid posters in the Main Forums. I'll start making the list....
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I was just joking! If you take away my stupid posts I'll have nothing!
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03-28-2024, 02:59 PM
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#18
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Franchise Player
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Quote:
Originally Posted by taxbuster
Just a comment on that: we work HARD and read tons of legal crap to keep YOUR money in YOUR pockets. Apparently not many actually appreciate that.
If you want to ban anyone, start with banning stupid posters in the Main Forums. I'll start making the list....
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And know that we all appreciate the hard work you had to do for that, so thank you for the effort and the sacrifice of your sense of humour. It is greatly missed.
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03-28-2024, 03:00 PM
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#19
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Franchise Player
Join Date: Feb 2010
Location: Hyperbole Chamber
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Quote:
Originally Posted by DownInFlames
Do we need to set up a sub forum for accountants?
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I think taxbuster just did. This is it. A safe space for them is finally created at last.
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03-28-2024, 03:10 PM
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#20
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Participant |
Quote:
Originally Posted by taxbuster
Just a comment on that: we work HARD and read tons of legal crap to keep YOUR money in YOUR pockets. Apparently not many actually appreciate that.
If you want to ban anyone, start with banning stupid posters in the Main Forums. I'll start making the list....
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Jokes on you, I spent all my money on a liquid butt lift.
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