Beware If You Have Joint Accounts / Title
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- Опубліковано 29 вер 2024
- "The new year holds new tax-reporting obligations for trusts that will likely result in paperwork and significant costs for many Canadians, some of whom may not even know they are part of a trust, accountants are warning.
The new rules require that trusts, with few exceptions, annually file what’s known as a T3 Trust Income Tax and Information Return and disclose beneficiaries, among other information. Some taxpayers who haven’t previously had to file will find they have to incur accounting and legal fees to meet those obligations, tax experts say." - CBC #tax #personalfinance #financialplanning
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A viewer confirmed with CRA that joint bank accounts between spouses are ok!
EDIT: CRA scraps this filing for 2023, but it will come back 2024 unless they delay it again!
Thanks I was going to ask that as well have a joint business bank account. Great video. God bless
Thank You
Now that you asked the question, they will be watching you.
For now.....
Thanks I have been wondering about that. But like someone commented below........... For now.
The ability to pass wealth down from generation to generation should be a fundamental right of all Canadian families period.
Yes, but you will have to set up a natural trust, not these fictional trust this guy was talking about. With a natural trust, there's NO such thing as probate, where they take control of your property like it was theirs, which of course they do. With a natural trust, you just have to find someone who's trust worthy to have as a Trustee, and you as the beneficiary. Own nothing, USE everything.
@@dansauer4712,.. No One is trust worthy. Such an idea Only works until you learn, by being taken advantage of
And not only the super rich!
@sticks49.......Yes, especially when the newest generations won't be able to buy houses anymore and may need all the inheritances they can get !
@@dansauer4712 This is great to know thank you. I will for sure look into this.
Nothing is safe with these criminals!
I worked for the government for 35 years usually you would be happy pension ect and if you manage to save your money out of doing the right things they create another tax grab.. I am embarrassed I gave my life to this corrupt organization. I am so frustrated right now and every year it gets worse.. I give them the benefit of the doubt they do it again. I earned invested used to being in the middle class now I have to worry about them taking my hard earned money ..i think i would rather have the opportunity to leave my kids my fortune or should have that opportunity with without the cash grabs and or more taxes to take our money... fearful of the future what's left of it
Be assured that there is nothing these extortionist change that will benefit you.
Don't forget that when it's both or either to sign, and the liability is one sided, the CRA can't touch the accounts/shared assets. Also, there's nothing shady or illegal about tax avoidance. Let's not ever confuse that with evasion.
You can tell that you're in a trust account when you share the account with someone you don't trust.
Your wife?
My house will be paid off in December. My wife because I was a long-haul truck drive took care of all the banking and all the financial stuff but with the house being paid off in December, I took a look at my financial situation ( was planning on retiring next July at 65 ) only to find out, my wife has used over 100 hundred and $30,000 of our line of credit that I didn’t know about.
Sadly it’s too far gone to ever be undone in our lifetime 😢
Thank you very much for the opportunity to cover our buts.
Just a head's up that I've heard from another YT channel (Parallel Wealth) ... If you have joint bank accounts with elderly parents or children, you only have to go through this T3 reporting BS if those accounts have $50,000 or more in the account (or has ever had that amount since you've been joint account holders). So, if you're a parent and have a joint account with your son or daughter and the maximum the account has ever had in it is $49,999 or less, there is no need to do jump through this ridiculous hoop. So this probably relieves the tension from many of you, as it does me.
Who has to claim the T3 on income tax in the case of children added to elderly parent’s deed, would both parties? In your example to be added as a ‘guarantor’ vs co-sign, would banks accept this ?
trustee would be filing, so parents. Yes some banks can, a good mortgage broker can help broker those cases
This penalty is relatively low compared to australia
Good to know.
thank you
So if the account never has 50K or more in it no need to report, correct ?
Yep
I just saw you mention that POA is a solution to this idiotic trust garbage. Is that for real? I can literally get POA on my elderly parents accounts and all this stupid administrative evil crap goes away?
Yes POA lets you help manage account without being in a trust situation
When a tax law that does not increase tax revenue but increase penalty, it is a crappy law.
@JackyKuk What about primary residence where only one spouse is on title? Does this affect joint bank accounts of married couples?? Also..what about education savings accounts for dependent children?
Those are ok, its when u add people onto a joint but never intend to let them have real ownership
can't afford to live, can't afford to die 😢
Yes they go after us but they lose billions of our tax dollars so shouldn't they go to jail
These thieves want it all
Please stop making comments here. Send your comments to your local MLA, the Finance minister. Prime Minister Trudeau.
Hi, I have the joint chequeing account with my Mother over ten years mainly use it for pay household bills account balance no more than $2000. Do I have to file? Thank you!
Nope under $50k you are good
So transfers under 50 000 I don’t have to fill out the form . I have to pay things for my mom
Is this so the liberals can seize the account if they think you did something wrong.
CRA SHOULD FOCUS ON THE MILLIONS THAT HAVE GONE “MISSING” FROM THEIR ACCOUNTS !
WTF, where's the funds!
Millions are correctly "missing" because, like me, they've permanently left that declining nation. Whether born there, like me, or naturalized or one of the majority of recent immigrants who are disillusioned at how bad canada is compared to their expectations - very common now.
He's literally talking about how they did it...
Amen
I think its called the carousel scheme or scam that is the scam they cant figure out!🙄
CRA should focus on big business and big millionaires. Leave the middle class alone.
We don't have the same kind of legal rep they do. We are easier to screw over.
Going after trusts is going after millionaires. Middle class getting involved is a byproduct.
We are the low hanging fruit that don't have and army of lawyers and accountants like Big Millionaires do and we also don't have deep pockets to lobby the government for rules that favour the rich. This is why Lobbying should be illegal, it gives a disproportionate voice to those with money and not to general citizens like us.
No they should leave millionaires alone as well.
Why ?
The middle class wants to send money to Ukraine. Silly Canadian sheep.
Cra finds it is easier to intimidate us middle class as the rich can afford lawyers and tax planners
They are demonic
The middle class can afford lawyers and accounts. It just a matter of choosing where to spend your money.
Granted when you are tight on money, just keeping above water, it is hard to thing about giving money to ab accountant.
But, when you have car problems - you go to a car specialist, when you have a plumbing problem you go to a plumbing specialist, so when you have a money problem, you go to a...?
We need to express our concerns to our members of parliament
why are you trying to emulate the rich by utilizing trust accounts without having lawyers and tax planners explaining exactly what they are doing for you?
Having been in both situations: caring for an aging parent and helping a child buy their first home; I can tell you that your "easy" solutions are both actively discouraged by the financial institutions. Which is why so many Canadians are in the Bare Trust situation instead. Try taking a POA into a bank and having it recognized, let alone do any business online or by phone in this day and age.
Thanks.
So instead of simplifying income tax they made it more complicated 😂😂
Liberal Government... They love to allow slimey CRA rules to extort more money.
To file a tax return today, you need to be a lawyer, Accountant, Priest and a policeman.
@gus892 maybe you need some intelligence.
@@ac-mu2nw You must be Donald Trump
Please update this video! At the 11th hour on march 28 the minister has cancelled the 2023 plan! Unfortunately she says they will rethink the 2024 plan, so we will see another panic over new retroactive rules for 2024 next january!!! Shame on the minister.
CRA seems like they are increasingly becoming like the IRS gestapo
Actually, from the experts I heard from the CRA has been less accountable to Canadians then the IRS has been to Americans 😮 This is a problem that REALLY needs to be addressed
CRA should focus on big business and big millionaires. Leave the middle class alone.
Bean counters should not profit from more red tape complexities that are irrelevant .
As a "bean counter" let me tell you that most of us are not happy about the UHT or the bare trust reporting requirements as we are already too busy. However, if we do have to do the work through no fault of our own, why should we not be able to charge for our work? I'm pretty sure if you had to do more work you would expect to be compensated for it.
The politicians is continually spending our money which we have no say, & the CRA is working hard to bring more $ to the politicians to spend. ( financing other nations war ) while the working class are constantly under squeeze. When this going to slow down ? God please help the middle class.
CRA is really disgusting. Do they know this is another huge burden put on working class? We have to use our time after a busy working shift to figure out how to file t3 which is complex. If you feel difficult, you have to pay for finding a professional to do the job for you, that's going to be expensive, let alone the threatening tone and psychological pressure putting on us!
The professionals (NOT) at the CRA, and the Finance Department, exempted bare trust reporting one business day before the reporting deadline. It's apallingly bad on the part of the government. Not only that, if anyone was trying create a trust account online in the last few days leading up to the deadline the online services report "service not available, try again later". And of course, "try later" as much as you want, the service never became available. Despite the instructions they publish specifically pointing people at the online registration service. What on earth is going on at the CRA and Canada's Finance Department?
I just phoned revenue Canada about this and the agent said normal joint chequing and savings accounts don’t trigger the new regulations only accounts set up as trust accounts.
Thanks for letting me know, we tried getting clarifications last month but line was constantly busy
I think this is wrong. You also have to look at how the courts treat joint accounts as a "convenience" for the estate. @@JackyKuk
@@JackyKuk They were busy talking with Ukraine about THEIR needs.
@@-First-Lastso unnecessary attaching people suffering from the invasion. Guess you are kind of people has no empathy.
Never trust what General Inquiries tells you; they are only a call centre. The laws differ from the call centre policy and procedure
The advice of using Power Of Attorney for taking care of your parents finances is good except for the fact that the institutions are pricks about recognizing it. It’s a major pain to deal with. Perhaps CRA could make the POA rules cleaner to remove this impediment.
True, this is why for poa i usually suggest a lawyer to do it, always easier when lawyer sends a follow up email to spank them into action
@@JackyKuk having worked for major financial institutions for 30 years, the issue with power of attorney is once it is accepted by the institution, we cut off all access for the elderly parent , no statements, no phone calls , no information at all. the account could get cleaned out without the parent knowing. you give them all power...
@@colinnoble5661That is absolutely incorrect!
I thought the power of attorney goes away or is nullified when the parent dies thus having a joint account lets the child access the account before the estate is settled.
@@lemerdtool It does nullify upon death, and the person with POA loses access to the account until it goes through probate/settled.
May God get His Justice on these evil souls in our world
Amen
I agree they are evil
Grow up.
@@ac-mu2nw Grow what ?up
CRA should focus on big business and big millionaires. Leave the middle class alone.
Bean counters should not profit from more red tape complexities that are irrelevant .
Oh get lost. Its none of their business. It's all been taxed prior to being put in an account anyway.
How about busting the obvious money laundering and land/Real Estate money by the millions. The CRA goes after us poor schmucks that work 7 days a week.
so the rule does target that but its very general so it hits normal people as well
So great country we live in
They tax 60% of my salary
They tax 10-15% on everything i buy
I got to pay municipal taxes
So basically i work hard and earn only 25% of what i labor for
Federal tax rates are at the highest end are 33% for an income over $246,752 after deductions, the highest provincial taxation rate in Canada is 25.75% in Quebec for income over $126,000. You could not possibly be paying 60% income tax, the highest possible rate in Canada is 58.75% and that would be only for those who live in Quebec, make over $246,752 annually and have no personal deductions. Nice try though
i can send you my paycheque if you like ....i love your platitudes but in the end i see like many in this country how a tax here and a tax there can quickly add up. So don't go getting high and mighty with your official so called numbers...because on the ground it is not that at all. Let me give you an example....i buy 1 liter of gas...tax is supposed to be 9 % on it..officially...but in QC i pay 19% and lets not forget the incorporated Carbon tax...that supposedly we don't pay in Qc and we are talking 27.2% (Petro Canada sources and QC Govt source). So if i knit pick everything, we could be paying more than 60% of our salaries to the Govt @@Elaines-travels
No, that is incorrect. The 25% in your example will be taken by the CRA when they are done penalizing you for not filing the correct paperwork for a trust you had no idea you were part of. Cue the UBI.
@@Elaines-travels And I believe that 58.75% is the marginal rate. Not the rate applied to every dollar earned. The overall average tax rate would be far less.
When you have a POA for finances, make sure you also have a POA done with the bank or financial institution as not all of them recognize a POA done through your lawyer, they often have their own POA forms.
Thanks, I did not know that. It only make sense. Banks are such fraudsters they think they're above lawyers.
When A competent lawyer does up a POA, everyone has to honor it. It is a legal document that has been notarized !
@@stevenclaeys6252 You would think so but sadly that isn’t always the case. Here’s a link to another UA-cam channel regarding this and while it is based in the US, it also happens in Canada. Many people, including lawyers are not aware of the issue, always get one signed at the financial institution(s) as well or you can run into an unintended/unnecessary issue. ua-cam.com/video/U11t4Tvr36c/v-deo.htmlsi=-eWg0khf5KQecnpE
@@martinspilchenbroker Yes, everyone has to exert their 2 seconds of authority !
@@wonderingabouttheworld Bank of Nova Scotia insisted on their own POA form. Nothing wrong with mine, just their policy. It was easy to do, but thankfully my mom wasn't so far gone with Alzheimer's Disease yet that she couldn't sign. She wouldn't be able to now.
WE'RE DONE!!! If I worked there I'd be a little worried about going into work at CRA. Leave the little guy alone...before he becomes a BIG guy!
If I am joint on my elderly mother’s bank account, do I have to file this, or does my mom file?
should be you doing in on behalf of trust
@@JackyKuk Bank manager suggested to me this week that I should add my elderly mother to my account and transfer some of her funds in for post-death expenses as a better alternative
Is this just another make work for accountant scheme from the government?
Trust me, no accountant want this added work...we bear the brunt of all government tax policies 😢
Hold up, Joint Accounts (Chequeings and Savings) have 2 Categories, #1 - And/OR Account and #2 - 2 Signatures or Multiple Signatures, and usually, in the latter you can view the accounts online, but any transactions must be done in Branch with all parties present to sign. Normally in #1 each account holder has their Own Profile, their Own Web Banking Access, their Own Telephone Banking Access, and their Own Debit Card with Pin. This is EQUAL ACCESS. Is this still a problem???
1 to sign or both to sign dont really matter, its the intention during setup
As long as both have equal access and decision its a joint acc not a trust
How could anyone prove otherwise? No legal documentation is done to say its a trust. It's simple just to add any name on the account. How do you prove one person is taking commands to operate the account on the others behave, there is none. So how could it be a bare trust if no prof of this. Even if one person makes all the transaction who is to say it is by command or because they are in control? or just us your parents login info and by pass it all@@JackyKuk
I've never been in a TRUST, but as far as the government goes, I'm in an UNTRUST situation as they don't seem to be conserving the tax dollars they demand but instead wasting them and spending them corruptly too.
As a famous philosopher once said: ""What you talkin' 'bout, Willis?"😟
Thanks Jack. So I guess to avoid this on a joint account for elder parents, add as a joint, not as somebody who makes transactions on command of your parents, then it's not a trust.
right! your comment makes perfect sense to me. How would any outside individual know if the transactions are being commanded by someone or done in joint operation. In no way shape or form could anyone prove that have a joint account in any situation is a bare trust as no one outside the situation can prove the one person commands the other to make the transaction.
They should go after JT accounts😂
i left Canada foir the 3rd world now living freedom 57 beachside f justine
Don'
don't get sick
Sounds like all BS regarding spousal joint account. My wife does not work, our expenses come out from a joint account. I would challenge CRA to tell me at what point in time my money becomes hers and what is illegal about it.
Confirmed with cra, joint bank between spouse is ok
Its half hers now ur married
Crooks and thieves!!!!
A Power of Attorney ceases at death. If you are an adult child managing an elderly parents finances through a PoA, once the parent dies you would be locked out of their accounts. This means until the will is sorted out you may not have access to the monies needed to run the estate or pay for the funeral.
While true thats why insurance is important
Having a will that names executor also important
I have POA over my mothers checking accounts, I'm also the executor of my mothers will. When the POA is nullified upon her passing, will I still have problems accessing her investments/finances at the bank in order to settle her estate or will it be frozen by the bank until after probate?
Thank you Jacky, we had no idea of this new CRA tax change. Liked and subscribe!! 👍
My father passed away on March 8,2023 and had my sister and were named on his non registered investments as JTWROS for a couple of years prior to his death. After his death my sister and I split the proceeds and both created accts with adding our husbands with JTWROS. Can you direct me on who needs to file these reports?
Mother added adult child to chq account in case she passes, nothing more. Is that a trust, need to report?
If child can only act on mothers instruction and theres more than 50k at one point then it can count as one
Thanks for this. I am in the situation with my 95 year old mother whose english is not her first language. Because of these 2 issues as well as her failing health, i have been on her bank accounts, condo ownership, utilities bills, cra account, etc. I look after all her bills, payments, shopping, medical appointments, and her yearly taxes. Even though my name is joint with everything, mom still has complete control and makes all the decisions. If she has to pay cra yearly she does, etc. I have been watching many videos, reading a lot of stuff relating to bare trusts and have learned that i will have to have a T3 filed for her 2023 taxes, but what i can't get an answer to is whether i now have to also do a T3 vs the general tax return. I usually do my mom's and also do my husband's and mine together. I am delayed doing ours because i don't know the answer. Also, i am th POA and the executor of her will.
Hi, im not cpa but you should be doing t3 and a general t1, they are separate things
I was told only the T3. Very conflicting information. Even at CRA not every person gives you the same answer. Maybe I'll just get turbo tax person to do them this year, and hopefully next year, processes will be clearer. Thank you
Wouldnt the parents have to file their T1 like everyone else and then on top a T3 income return? @@noulanaulls6537
@@noulanaulls6537 You've been misinformed. You will the T1 as before. Nothing changes there. All the income and gains are reported on the T1. The T3 is just an information return and will not report any income or gains.
This is probably a language thing, but he says to consult a CP. The proper term is CPA chartered professional accountant, which is a professional accounting designation.
What if you your parent has a investment acct like tfsa or gic and you’re a beneficiary…does that warranty a filing?
Nope!
My situation also
I don't know why anyone would get a joint account; just keep them in an old film canister like everybody else
Who is responsible for filing the return, the beneficial owner, or the trustee?
Trustee
@@JackyKukso elder parents add child as JT. The child files the T3 schedule 15? If they have 3 accounts like that does the trustee file 1 schedule 15, the combines all 3 accounts?
So only the child files the T3 with schedule 15, and parents do nothing?
Do u list the account numbers and balances in the schedule 15 or just that a relationship exists?
Get instead covid money from small business get the billions compromise from th pm😜😢
Dad title. This is about trust account where someone else controls the assets that are supposedly belong to someone else. Does not include securities that trade or have a value that is on an exchange
Why does the Canadian Government need to know this information?
Outdated information, you should really take this video down!
Question- if for example I am on 2 bank accounts for my dad ( chequing and savings) both under the same understanding as a bare trust trustee, can I report it as 1 or do I need to report 2? A trust can have multiple assets correct, so shouldn’t reporting it as 1 suffice? Thank you.
I believe you have to report as 1, im actually not sure on this as im not cpa
@@JackyKuk
What about joint bank accounts between parents and their family members like their offspring?
Will they be affected or not?
Spousal accounts, investments and property should not be affected as a couple is considered a single entity.
trust relationship can still exist within spouse though!
@@JackyKuk Perhaps in situations where one spouse receives an inheritance, but does not use it for family expenses. The investment income belongs only to that spouse, as does the principal.
All accounts and assets are joint between my spouse and I for the sole reason of the survivor having unfettered access with no need for probate
If the account is less than a certain amount $500 or less, no need to worry.
Hi Jacky, Three of us ( My only adult daughter, my wife and me ) opened a joint investment account in Sept,2023 with assets over $50,000 as part of estate planning. We are all actively contribute and manage ( buying,selling ETF’s, GIC…) our own portions of assets and responsible for their tax consequences. Is this considered a bare trust relationship and need to file a T3 return and Schedule 15 for this year for each person ? or only one of us three ? If so can I file it or my daughter has to do it ? Your opinion is much appreciated. Thank you.
The filing is on the trust itself not on person, so you can do it since you seem like to be acting as a trustee
Hello. You stated at time stamp 7:52 that you have 90 days from January 2023 to report. Did you in fact mean January 2024? Thanks, Rob Coates
Yes 2024!! Good catch
Meanwhile the big tax evaders are laughing all the way to the Bahamas
Thank you for your information - very useful albeit scary. My wife and I hold a joint account that doesn't require either of us to issue any specific direction for its use [ we both have access and use freely]. Is this something I need to have clarified with CPA or other person ?
Nope spouse joint accts are fine, confirmed by one of the viewers with cra!
I'm joint with a family member as a POA.
Somebody keeps voting for those people.
What about jount bank account account that is only the vehicle to deposit $ to sons rdsp ?
We have added our son to a chequing account and a savings account as joint with right of surviorship. He has the same access to the accounts as we do. Is it a bare trust situation?
does he have the same entitlement to the money? if not then it could count as trust
Yes. He can withdraw the money any time just as we do without any restriction.
are you kidding me 🤦♂️🤦♂️ so I need to file something special because I’m on my mom’s account? Is it complicated, or should I just get off the account
Even if you get off the acc you may still have to file for 2023, best to ask cpa to make sure
Does any of this apply to a Joint Savings or Chequing account between husband and wife? The said accounts were opened years after we were married.
That should be fine
does not apply to husband/wife joint accounts.
I bought a house with my sister, we own it 50/50 and both live there. Do we have to report anything for this?
Nope sounds like a true joint
when we have a joint account with somebody no matter who, all parties already have the right to operate the account, that is what joint account means, really can't understand what you are saying about trust for joint accounts ?
Nope that is a misconception and incorrect, just having someone on joint does not mean they have the right, access, entitlement, and time in order to be a true joint.
@@JackyKuk Then how do you define a true joint ? that's the question, normally when we add a name to a property as joint tenant, it already means both parties can have the right to operate the property, e.g. a old parent may want to co-own the property with the child and add the child's name as joint tenancy such that when the parent dies, the child can get the property by just deleting the parent's name.
@@JackyKuk And forgot to mention about bank accounts, when you open up a joint account, according to the bank's rules, each party has the right to operate the account, withdraw any amount without the other party's consent, and a parent may want to share the money with the child and open up a joint account and any party can operate the account, and that is not a trust.
True joint acc is defined as all parties with 4 unities: time / title / interest / possession
Adding someone to title or bank only ensures title but not the other 3, esp if elder parents adding young kid to manage acc, then kid only has title but not interest nor posession
See the case Pecore vs Pecore for exactly this scenario
@@JackyKuk anyway, its understood, what I meant is opening a joint account with somebody, and not adding somebody to an account. you may try to open an joint account in the bank and see whether any party has full rights to operate the account.
Does one of your videos cover the best way to convert two existing non registered investment accounts into one joint spousal account? In particular the tax implications when combining and how to handle taxes between the spouses in the combined account. Thanks
You can either rollover to spouse tax deferred but have income attribution
Or no deferral, pay tax, and then no income attribution
It wasn't clear to me - 90 days from the end of 2023 or 2024 to comply.
2023
Is april 1st 2024??? If I stop having a joint account with my mom (it’s Feb 22) will I have to fill out the form?
@@tinabren I would get advice from an accountant/tax specialist and do as much research as you can.. seems most people don't know how this is supposed to work as even the videos I have watched are unclear. They are waiving late penalties since this is so new so there is time to figure things out
I am POA for my Mother.
a parent sharing money and teaching their kids about money is WAAAAAAAAAAAAAAAAAAAAAAAAAYYYYYYYYYYYY DIFFERENT THAN HIDING ASSETS USING YOUR CHILDREN TO SIGN RENTAL MORTGAGES....
Understanding who has to file… my parents are the beneficial owners on the account ie mom and dad, and my sister and I are in the bare trust for ease of access do each of us ie all 4 people have to report this on our t3. Or just one of the 4 to identify the account with the trust
T3 trust report is filed on behalf of trust treated just like a person, so 1 of you has to do it on behalf of the trist
Please update this video! The whole plan was cancelled by the minister march 28!
updated in my pinned comment
I have a joint account with my daughter. Is it okay if I will just remove her name to my account?
You may still have to report the trust situation depending on when this is established. Best to speak with a cpa to make sure
Just BEWARE if you live in Canada period.
Question ? Is a inheritance or TFSA class as a “ bare trust situation “ if your name is attached to the account ? Thank you
The account or asset doesnt make it a trust or not, its the intention and/or restriction a person has when name is added to the account
@@JackyKuk So everyone who named a beneficiary(s) under their TFSA has set up a 'trust'? Confused, other videos about this are saying TFSA are exempted from T3 reporting as they are categorized as 'listed' trust and further TFSA will never have tax payable. I have read the CRA explanation page a few times and still unsure regarding a TFSA that has 3 adult children listed as beneficiaries
"For all other trusts (resident - and non-resident), including listed trusts, a T3 Return is required to be filed for taxation years in which the trust:
has tax payable
is requested to file
is a deemed resident trust
is resident in Canada and has either disposed of, or is deemed to have disposed of, a capital property or has a taxable capital gain (for example, a principal residence, or shares in the capital stock of a corporation)
is a non-resident throughout the year, and has a taxable capital gain (other than from an excluded disposition described in subsection 150(5) of the Income Tax Act) or has disposed of taxable Canadian property (other than from an excluded disposition)
holds property that is subject to subsection 75(2) of the Income Tax Act
has provided a benefit of more than $100 to a beneficiary for upkeep, maintenance, or taxes for property maintained for the beneficiary’s use (for more information, see "Line 22 - Upkeep, maintenance, and taxes of a property used or occupied by a beneficiary" on page 34 T4013 T3 Trust Guide 2023), or
receives from the trust property any income, gain, or profit that is allocated to one or more beneficiaries, and the trust has:
total income from all sources of more than $500
income of more than $100 allocated to any single beneficiary
made a distribution of capital to one or more beneficiaries
allocated any portion of the income to a non-resident beneficiary"
@@bkgdnoize111 I could have my best friend as a beneficiary of my TFSA, my bank account and several registered accounts and not tell them (it would be a surprise to them upon my death)….how would they know presently to file anything to the CRA or are part of some Trust? The Trudeau govt. is out to destroy Canada…..Trudeau is a socialist pos dictator who has let power and privilege go to his head….
h middle class and above use these often… hence the target, however. The low and middle class Weill get coauthor too as we have to work, sixth our kids to just make it in this country……. Maybe it should have been a dollar value on this…. Say 1.5 million or more per asset?/
This could all be solved with a simple flat tax that everyone pays. No deductions. No exceptions.
A consumption tax is the most fair to all ! Rich and poor alike !
Then all the government servants will be fired.
Chrystia Freeland: "Canadians in retirement have a great amount of wealth which we need to creatively tap into". Believe them when They say things.
Me and my husband helped my daughter buying a condo last year. All three of us are registered owners. We paid the deposit and my daughter is making the monthly mortgage payment. This condo is her principle residence. Is this a bare trust ?
Doesnt sound like it, but if you want to be sure i still recommend consulting cpa
I am not so sure. Where you live? Is this house an investment property for you? Is the house the daughters and you signed on to get mortgage?
Thank you vary much Jacky
This is the wrong title of the video clip.
What did you do wrong that c r a targets you?
What is the deadline ???
What I'm seeing and hearing is more proof how horrible this so-called society or the majority is! But next to nobody is listening to the ugly truth about how harmed we all are, nor is figuring it out, let alone not correcting it.
“Beware if you have TRUST accounts”**