Implementation of enhanced trust reporting requirements delayed one year
We previously wrote on Finance Canada’s proposed expansion of the reporting requirements for Canadian trusts, including the proposed expansion of the rules to capture bare trust arrangements. You can read our latest article here. The new filing and reporting requirements […]
Why Estate Planning Matters for the LGBTQ+ Community
Estates, Trusts and Pensions Journal
Darren Lund and Brittany Sud co-author a paper for Thomson Reuters’ Estates, Trusts and Pensions Journal, 2021 Vol. 40 (available by subscription only). The article was recognized with the 2022 OBA Foundation’s Widdifield Award for originality, scope, technical merit, creativity and […]
Report on the Charities Program 2020 to 2021
The Report on the Charities Program provides a snapshot of the Canadian charitable sector and an update on the Canada Revenue Agency’s (“CRA”) Charities Directorate’s activities during fiscal year 2020 to 2021. According to the Charities Directorate’s administrative data for […]
Brittany Sud quoted in Investment Executive article on reporting rules for bare trusts
Investment Executive, "Expanded reporting rules for bare trusts have estate practitioners uneasy"
Brittany Sud is quoted in an Investment Executive article that delves into the federal government’s proposal to expand trust reporting rules to cover “bare trusts”. Bare trusts are also used to mitigate or plan around the relatively high estate administration […]
CRA significantly expands proposed trust reporting requirements to include bare trust arrangements
In 2018, the Department of Finance Canada released Legislative Proposals, and Explanatory Notes that dealt with, among other topics, the Reporting Requirements for Trusts as first announced in Budget 2018. We posted about these new requirements and some of their […]
Federal Budget 2021: Support for seniors
The COVID-19 pandemic has strained our long-term care facilities across the country like never before. As families anxiously await the time when they can once again see their loved ones living in long-term care homes, organizations in the space work […]
CRA’s views on charitable remainder trusts
Introduction Charitable remainder trusts have been popular in the U.S. for some time but not as widely used in Canada as a result of differences in our tax regime. A charitable remainder trust involves an individual who wishes to make […]
New trust reporting requirements – A status update!
In the 2018 Federal Budget, the federal government proposed to increase reporting requirements for trusts and impose penalties for failing to comply. Later that year, the Ministry of Finance released draft tax legislation on the new trust reporting requirements. Fast-forward […]
CRA releases guidance on relief of poverty and charitable registration
On November 27, 2020, the Canada Revenue Agency (“CRA”) released CG-029, a new Guidance on relief of poverty and charitable registration. This Guidance, which replaces Summary policy CSP-P03, Poverty, explains CRA’s administrative policy on charity law, including the criteria an […]
CRA revises guidance on using an intermediary to carry on a charity’s activities within and outside of Canada
On November 27, 2020, the Canada Revenue Agency (“CRA”) released updated versions of CG-004, Guidance on using an intermediary to carry on a charity’s activities within Canada, and CG-002, Guidance on Canadian registered charities carrying on activities outside Canada. While […]
