New Tax laws regarding trusts could affect you.

If you are “In name only” on a bank account, home, or investment account with anyone OR have anyone else on YOUR accounts “In name only”, the new BARE TRUST laws could mean you will have to file a Trust return as well as your normal tax return. Having someone else’s name on your accounts (or having you on their accounts) to try to simplify probate is now something you MUST report to the CRA.

There will be steep penalties for non-compliance. PLEASE BE SURE TO ADVISE US IF THIS APPLIES TO YOU!

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