The Canada Revenue Agency has announced it will again be waiving a new type of tax submission, as the federal government looks to clarify the reporting rules.
The CRA planned to introduce new rules for bare trusts this year, but Tuesday’s announcement marks the second time these updates have been pushed back.
The CRA said previously that it would require the submission of a T3 Return or Schedule 15 for all bare trusts. On Tuesday, the agency announced it would be waiving the requirement, except for those who receive a direct request.
Also known as naked trusts, bare trusts are arrangements where the owner or owners of a property maintain the property’s legal title, but all duties, obligations and responsibilities belong to a designated trustee.
One example is a parent being on the title of their adult child’s home to help their child …