Taxpayers who have — or may have — bare trusts can breathe a sigh of relief.
The Canada Revenue Agency (CRA) will not impose gross negligence penalties on taxpayers who fail to file a return for a bare trust on time except in “the most egregious cases” for 2023, the first year in which new expanded trust reporting rules apply.
Click here to read the full article by Rudy Mezzetta, originally published on Investment Executive on March 13, 2024, featuring insights from Aaron Hector, Private Wealth Advisor, Financial Planner.
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