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  4. CRA extends relief for bare trust returns as filing deadline looms

CRA extends relief for bare trust returns as filing deadline looms

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

The preceding information is for educational purposes only. As it is impossible to include all situations, circumstances and exceptions in a newsletter such as this, a further review should be done by a qualified professional. No individual or organization involved in either the preparation or distribution of this letter accepts any contractual, tortious, or any other form of liability or its contents or for any consequences arising from its use.