麻豆影视

Skip to main content

CRA extends exemption on filing requirement: What you need to know

Canadian Revenue Agency (CRA) national headquarters in Ottawa on Friday, June 28, 2024. (THE CANADIAN PRESS/Sean Kilpatrick) Canadian Revenue Agency (CRA) national headquarters in Ottawa on Friday, June 28, 2024. (THE CANADIAN PRESS/Sean Kilpatrick)
Share

Bare trusts will not require the submission of a T3 Return or Schedule 15 for the 2024 tax year as the Canada Revenue Agency (CRA) extended its reporting exemption it introduced in 2023.

Last year鈥檚 exemption did away with mandatory filing of T3 Income Tax Information Returns and Beneficial Ownership Information of a Trust for bare trusts, also known as naked trusts. However, the CRA says it reserve the right to make direct requests for filing from bare trusts.

According to CRA officials, other affected trusts will still require annual reporting.

Bare trusts are an arrangement where the original owner or owners of a property maintains legal ownership, including legal title, but all duties, obligations and responsibilities belong to the designated trustee.

For example, if a parent is on title of a child's home 鈥 without the parent having beneficial ownership 鈥 to help the child obtain a mortgage, or a corporate bank account is opened by the shareholders with the corporation being the beneficial owner of the funds.

CTVNews.ca Top Stories

There appears to be an end in sight for the strange predicament of a B.C. woman who was being paid by the federal government for a job she was hired for but never actually did.

Where to follow the U.S. election results on CTVNews.ca

On U.S. election day, CTVNews.ca will feature live results on an interactive map and a live blog that will be updated throughout the evening starting at 5 p.m. ET by 麻豆影视 journalists and Washington political analyst Eric Ham.

Local Spotlight

A Halifax junk remover shares some of his company鈥檚 strangest discoveries.

When Leah arrived at work directing traffic around a construction site, she never expected to see a van painted in all sorts of bright colours, and covered in eclectic decorations, including a stuffed moose attached to its roof.

After 14 years of repairing and selling bicycles out of the garage of her home, a Guelph, Ont. woman鈥檚 efforts have ended 鈥 for now, at least.

Epcor says it has removed more than 20,000 goldfish from an Edmonton stormwater pond.

Witches and warlocks have been flocking to New Brunswick waterways this month, as a new Halloween tradition ripples across the province.

New Brunswicker Jillea Godin鈥檚 elaborate cosplay pieces attract thousands to her online accounts, as well as requests from celebrities for their own pieces.

A new resident at a Manitoba animal rescue has waddled her way into people's hearts.

Hundreds of people ran to the music of German composer and pianist Beethoven Wednesday night in a unique race in Halifax.

He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.

Stay Connected