Note: Under the revised legislation set out in Bill C-32, the new trust reporting rules will now apply to trust taxation years that end after December 30, 2023. These rules are not yet law as of this date, but the expectation is that they will be law soon. We will continue to provide you with updates on any developments related to this issue.
Note: This is a further update to our article published on October 12, 2022.
As we have previously written, there are new reporting requirements for trusts that will result in trustees having to file a trust tax return (T3 return) by March 31, 2023 for trusts that did not previously have to file.
Note: This is an update to our article that was originally published on December 13, 2021. The new reporting requirements for trusts, applicable to T3 returns that are due on March 31, 2023, have been clarified by the Department of Finance.
Have you had a vacation or are you planning a vacation in Ontario in 2022? If so, remember to keep your receipts to claim the Ontario Staycation Tax Credit. How does it work?
We are so excited to share some news. Over the past couple of months, three of our students attained their CPA designation. Join us in congratulating Damon Wan, Liji Chen, and Dennis Luk who are now Chartered Professional Accountants. Certainly, a testament to their hard work and dedication.
We hope you are all doing well and managing through another year of the pandemic. As we are, hopefully, nearing the end of the pandemic, we remind you that personal tax season is around the corner. There are a few things that we need you to do prior to sending in your information.
Repayment Deadline for CEBA loans extended The Canada Emergency Business Account (CEBA) program provides interest-free, partially forgivable loans to small businesses and not-for-profit organizations to help them navigate the pandemic and remain resilient. However, the Omicron variant has delayed the recovery for businesses in many parts of the country.
The federal government proposed new trust reporting rules in the 2018 Federal Budget to improve the collection of beneficial ownership information with respect to trusts. The new trust reporting rules will apply to tax years ending on and after December 31, 2021. These changes to the reporting requirements are considerable for trust returns with the penalties for non-compliance being significant.
In this three-part series, Lott and Company outlines initiatives that you can proactively take now to protect and safeguard against future threats to corporate assets and retained earnings of your company. If you have not yet reviewed part one where we covered the advantages and limitations of using shareholder loan structure, we encourage you to read it here.
In this three-part series, Lott and Company outlines initiatives that you can proactively take now to protect and safeguard against future threats to corporate assets and retained earnings of your company. If you have not yet reviewed part one where we covered the advantages and limitations of using shareholder loan structure, we encourage you to read it here.
