Tax in the News: Key Developments in Trust Reporting In a significant update for families managing bare trusts, the Canada Revenue Agency (CRA) has clarified that bare trusts will be exempt from the new trust filing requirements set to take…
The recent turmoil surrounding the Canada Revenue Agency's (CRA) bare trust reporting requirement has highlighted significant issues in tax administration and policy implementation. While the CRA's last-minute decision to pause the reporting requirement just days before the deadline has drawn…
In the realm of family-owned enterprises in Canada, recent developments surrounding the Canada Revenue Agency's (CRA) administration of the Department of Finance’s reporting rules for bare trusts have stirred significant concern and frustration among taxpayers and tax professionals alike. As…
The unveiling of the Canadian Housing Plan today, ahead of the Federal Budget, introduces substantial changes that will impact many sectors, including family-owned enterprises. A preliminary review indicates enhancements to the accelerated Capital Cost Allowance (CCA) for apartments, modifications to…