New rules apply as of Dec 31, 2023, and are extensive and pervasive.
Changes concerning Canadian Trust reporting, first introduced in the 2018 Federal Budget and repeatedly delayed, are now law. Filings for 2023 will be the first subject to these new rules, the changes to which are extensive and pervasive. Jay and Kim discuss which types of trusts the new rules apply to, exceptions, required disclosures and penalties for non-compliance, practical application, and more! Registration includes access to a Q&A session where Jay and Kim answer 60+ questions submitted by attendees.
Key topics discussed:
Disclaimer:
Please be advised that on March 28, 2024. the CRA released a statement sharing that it will not require bare trusts to file a T3 Return, including Schedule 15 (Beneficial Ownership Information of a Trust), for the 2023 tax year.
The full statement is available here https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2024/bare-trusts-exempt-from-trust-reporting-requirements-2023.html
1 activity • 2 videos • duration: 2h 28m
Co-founder and CEO of Tax Templates Inc., CPA, CA - CPA Canada
Jay is the co-founder and CEO of Tax Templates Inc. He has broad expertise in Canadian taxation from nearly a decade of practice in national and mid-market accounting firms. By combining his tax knowledge with proven process-building abilities, he specializes in developing tax planning and tax accounting software solutions to support Canadian professionals. His focus is on solving challenging tax needs, supporting growth and integrating efficiencies. Jay has completed the In-depth tax courses, is the former Vice President of the York District CPA Association, a former committee member of the Canadian Tax Foundation Corporate Management Tax Conference, and a former Executive with the Canadian Tax Foundation Young Practitioners Steering Committee. Jay was recognized as an emerging leader by CPA Ontario in 2018 for his contributions to the CPA profession. Jay has spoken to CPAs across the country in many forums such as the Canadian Tax Foundation, CPA Canada, CPA Ontario, CPD Formula, Luminari, AJAG, and other venues. Jay has also been invited to testify to the Standing Committee of Finance on Federal Budget consultations and invited to Parliament to provide recommendations on tax policy. Jay is currently the co-host of Canadian Tax Matters, a professional development webinar series for professionals to stay current on trending topics in tax. Jay was also the moderator of #Trending in Tax, a webinar series hosted by CPA Canada to keep advisors current on important tax issues. The series focused on recent, relevant changes to tax legislation in order to enhance awareness and knowledge of tax issues that impact Canadians.
The antithesis of the status quo, Kim is driven to innovate new and better ways to do things for the clients he serves, the advancement of the firm, and other professionals in tax. His relentless obsession with getting to know everything in the Tax Act makes him a highly sought-out resource for peers and clients. In March 2020, Kim published his first book, Making Life Less Taxing: Pay Attention To Your Taxes So You Can Pay Less Tax and Build a Strong, Smarter Canada – an Amazon bestseller in a number of categories. Kim’s primary area of expertise is tax and estate planning for owner-managers of private corporations and executives, particularly those who have entered into the tax complexities that come with being affluent. Though admittedly not one himself, Kim works with many professional athletes (a guy has got to dream after all). Kim also has expertise in trust and estate taxation and enjoys solving the complexities that arise in developing a well-thought-out estate and succession plan and dealing with testamentary taxation matters. Deciding years ago that sleep was highly overrated, Kim makes time to share his immense knowledge through writing, lecturing, teaching, and being an active, national leader in the tax profession. In 2016, he fulfilled his long-standing goal of receiving admission into law school and is currently exploring ways to fit this ambition into his busy schedule. Kim’s unique ability is being a loyal, transparent, and honest intellectual rebel who always does the right thing. His passion to lead, teach, never settle, and both seek and speak the truth aid in his contributions to the tax landscape. Kim desires to be an inspirational example for those around him to continuously grow.
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It was informative and well presented.
Yes and No. Yes coz I am Treasurer of a Trust and lot of questions would help. No coz many questions were not related for my work and for many questions due to limited information the speaker could not advise properly.
This is an extremely complex area of the tax act. One huge take away is not to take it lightly. Consult professionals in this area.
very bright
