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The Bare Facts on The New Bare Trust Reporting Requirements
March 2025 UPDATE: For the 2024 tax year, bare trusts are not required to file a T3 return and Schedule 15 unless the CRA makes a direct request for these filings. This is a continuation of the exemption from the trust reporting requirements that was issued for bare
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New Reporting Requirements For Trusts
Each tax season brings the enforcement of tax changes announced in the previous year. This year, while there were no changes to the income tax treatment of trusts, there are significant additional reporting requirements for trusts with a fiscal year ending on or after
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Changes to the Alternative Minimum Tax: What Should You Expect for 2024 and Onwards?
Please note that changes to the Alternative Minimum Tax are expected to become effective in the beginning of 2024, but have not been enacted as of the date of this GGFL tax news release. Drafts of legislative proposals were released on August 4, 2023, but have not
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Exploring Retirement Fund Options for Business Owners
As a business owner in Ontario looking ahead to retirement, it’s vital to understand the various avenues for accessing your hard-earned funds from your RRSP, RRIF and retained earnings of your private company during this new phase of life. Decisions you make will
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Re-visiting Estate Freezes – a COVID-19 Silver Lining for Business Owners
Related Content What to Plan for When Selling Your Business in 2021 | Three Tax Efficient Strategies for Managing Retained Profits | Passing the torch: The complexities of succession planning To say that 2020 has been rough for most business owners is an
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Three Tax Efficient Strategies for Managing Retained Profits
Related Content Re-visiting Estate Freezes – a COVID-19 Silver Lining for Business Owners | What to Plan for When Selling Your Business in 2021 | Passing the torch: The complexities of succession planning While most businesses have suffered a difficult or
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