Join Clearline Consulting in this session where we will walk you through common examples of bare trusts as well as a step-by-step example of how to complete the T3 filing for a bare trust, including naming the trust, obtaining a trust number, and completing the T3 including schedule 15.  This session is for practitioners who have limited experience in filing trust returns or those are looking for common examples of bare trust arrangements.

This course offers an in-depth exploration of Bare Trusts, focusing on their preparation, legal documentation, and the intricacies involved in filing T3 Trust Income Tax and Information Returns. Through a combination of theoretical knowledge and practical examples, participants will gain a solid understanding of Bare Trust requirements, the importance of accurate documentation, the steps to apply for a Trust Number, and the process of completing and submitting the return. The course is designed to provide professionals with the tools and insights needed to navigate the complexities of Bare Trusts effectively.

List of Topics:

1. Introduction to Bare Trusts - Understanding the basics and importance of Bare Trusts.
2. Legal Documentation - Detailed examination of documents necessary for establishing Bare Trusts.
3. Practical Examples - Analysis of real-world scenarios to illustrate how Bare Trusts operate.
4. Gathering Information - Identifying the critical information needed for Bare Trust preparation.
5. Engagement Letters - Insights into drafting and the significance of engagement letters.
6. Naming Conventions - Guidelines for effectively naming Bare Trusts.
7. Applying for a Trust Number - Step-by-step process for obtaining a Trust Number.
8. Completing the Return - Detailed guidance on filling out and filing the T3 Return.
9. Filing and Submission to CRA - Procedures for submitting the return to the Canada Revenue Agency.
10. Penalties and Relief - Understanding the penalties for non-compliance and available relief measures.
11. Voluntary Disclosure Program - Exploring the option for voluntary disclosure and its benefits.
12. Resources and Support - Additional resources available for further assistance.