beneficial ownership

Beneficial ownership reporting for trusts – the uncertainty is almost here!

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The beneficial ownership reporting for trusts (BORT) rules, originally announced in the 2018 Federal Budget on February 27, 2018, has made its way into the House of Commons. The original draft legislation released by Department of Finance on July 27, 2018 was updated on February 4th and on August 9th of 2022. This final update of the BORT draft legislation is now included in the 172 pages of Bill C-32[1]….

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Canada Revenue Agency, Estate Administration, Tax Issues, Trusts

Beneficial ownership reporting – beware of penalties

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Proposed regulation subsection 204.2(1) of the Income Tax Act (ITA) introduces a requirement for all trusts, that are required to file a return of income, to provide additional information[1] for each person who, in the year, is a trustee (or protector[2]), beneficiary or settlor[3]. This additional information includes: name, address, date of birth (in the case of an individual other than a trust), and jurisdiction of residence and taxpayer identification….

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Canada Revenue Agency, Trustee

Bare trusts – we have to do what now?

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On February 4, 2022, exactly 1,438 days after the original draft legislation was introduced in the 2018 Federal Budget, the Department of Finance (Finance) released revised draft legislation[1] for beneficial ownership reporting for trusts. This revised draft legislation contained two significant changes: Effective date was changed to taxation years that end after December 30, 2022; and Bare trusts[2] and arrangements are now specifically included Given that the original draft legislation….

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Trusts

Beneficial ownership reporting – don’t rush to wind-up the trust

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Proposed trust reporting rules I have read a number of articles published throughout 2021 stating that the new proposed trust reporting rules are coming.  Under the proposed new trust reporting rules, express trusts are required to report the beneficial ownership information to Canada Revenue Agency (CRA) and unless the Department of Finance changes the effective date for trusts that have a taxation year ending after December 30th, 2021, then the….

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Canada Revenue Agency, Estate Administration, Tax Issues, Trusts, Uncategorized
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