NEW AND EXPANDED TRUST REPORTING: It’s Here!

New rules aimed at providing more transparency on beneficial ownership of assets now require that more trusts (and estates) file tax returns. These changes will catch many individuals and businesses that may not be aware of their trust-like relationships, exposing them to potential penalties and other consequences for non-compliance. The rules become effective in 2023, with a filing deadline of April 2, 2024.

Full details can be found on the attached Word document below, click the link below to download your copy:

T3 Reporting Rules

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For professional accounting services in Parksville, Qualicum Beach and Central Vancouver Island, contact Robbins & Company, Chartered Professional Accountants

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