"The new year holds new taxreporting 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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