New CRA Trust Reporting Rules

Описание: Hey everyone!

Today, we’re diving into the new trust reporting changes, which have caused a lot of confusion for many of us. If you’re wondering whether you need to file a trust return, what the exemptions are, or how your principal residence plays into all this—don’t worry, I’ve got you covered!

In this video, I’ll break down the key updates, like the new exemption for assets under $50,000, and explain what it means if you’re dealing with related party trusts or if your trust involves different ownership types, like bare trusts. We’ll also touch on why filing might not be necessary in 2024 for certain trusts and who qualifies for exemptions based on principal residence.

I know it can feel overwhelming, but I’ll walk you through it step-by-step so you know exactly what to expect. Let’s dive in!

Key Moments In This Episode
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00:00 Intro
02:11 Proposed 2024 Trust Reporting Changes
04:05 Legal vs. Beneficial Ownership Explained
05:51 2024 Trust Reporting Filing Waived
07:47 Asset Exemptions Under $50,000
09:45 Related Party Trust Exemptions
11:39 Additional Trust Reporting Rule Clarifications
13:28 Principal Residence Exemptions for Trust Reporting

If you have any questions or thoughts after watching this video, leave a comment below, and I’ll respond as soon as possible.

Don’t forget to subscribe to my channel for more videos on Canadian real estate and tax-saving strategies so you don’t miss a thing!

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Please make sure to speak to a professional that knows your personal situation before making a decision.

If you need to talk to someone on my team, email us at [email protected].

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