The government has since been working on new exemptions for bare trusts and began proposing draft amendments in August
The federal government exempted taxpayers from filing the paperwork for 2023 after accountants said the new rules’ effect on bare trusts is too wide-reaching and too complicated for average Canadians to comply with.The Canada Revenue Agency says it will not require bare trusts to adhere to updated tax-reporting rules for the 2024 tax year, as taxpayers and accountants await final amendments to a much-criticized policy.
Ryan Minor, director of tax for Chartered Professional Accountants of Canada, which represents the profession at the national level, said Tuesday‘s announcement to exempt bare trusts again was welcome and expected because of rising uncertainty around the current minority government’s longevity, or its ability to pass bills.
A trust is a legal relationship in which someone called a trustee holds property for another person known as the beneficiary. In a bare trust, the trustee can only act on the instruction of the beneficiaries.
Government Trustee Parent Tax Trusts Rules Beneficiary CRA Globe Hugh Neilson
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