Moodys has one single focus: tax. It is all we talk about, so it seemed natural to start capturing some of those conversations to share with you.
Podcasts are just natural conversations that happen to take place in front of a microphone, so we decided to launch TaxBreaks, a podcast where where many difficult tax issues are translated into plain English and discussed in a open and frank manner. Our podcast will feature informed discussion, lively debate, and sometimes a little lighthearted fun, around issues concerning tax in Canada, the US, and around the world.
Please note that the opinions expressed are solely our own and do not express the views or opinions of the CRA, IRS or any other federal agency or tax governing bodies.
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Moodys has one single focus: tax. It is all we talk about, so it seemed natural to start capturing some of those conversations to share with you.
Podcasts are just natural conversations that happen to take place in front of a microphone, so we decided to launch TaxBreaks, a podcast where where many difficult tax issues are translated into plain English and discussed in a open and frank manner. Our podcast will feature informed discussion, lively debate, and sometimes a little lighthearted fun, around issues concerning tax in Canada, the US, and around the world.
Please note that the opinions expressed are solely our own and do not express the views or opinions of the CRA, IRS or any other federal agency or tax governing bodies.
Episode 024 – The New Canadian Trust Reporting Rules
TaxBreaks
33 minutes 24 seconds
3 years ago
Episode 024 – The New Canadian Trust Reporting Rules
The 2018 Canadian Federal Budget introduced proposals that will require certain trusts to disclose significant information about the trust. Later in 2018, draft legislation was introduced to implement such proposals to become applicable for the 2021 taxation year. However, the proposals ended up getting delayed until the 2022 taxation year and the draft legislation was never implemented into law. A revised set of proposals was released on February 4, 2022, with a bombshell that "bare trusts" would now be subject to the new reporting regime. Despite numerous concerns relayed to the Department of Finance about this new requirement, the August 9, 2022, package of amendments released by the Department did not contain any significant changes. Accordingly, practitioners and affected taxpayers will need to be aware of these expanded reporting requirements and get ready now! Happy listening!
TaxBreaks
Moodys has one single focus: tax. It is all we talk about, so it seemed natural to start capturing some of those conversations to share with you.
Podcasts are just natural conversations that happen to take place in front of a microphone, so we decided to launch TaxBreaks, a podcast where where many difficult tax issues are translated into plain English and discussed in a open and frank manner. Our podcast will feature informed discussion, lively debate, and sometimes a little lighthearted fun, around issues concerning tax in Canada, the US, and around the world.
Please note that the opinions expressed are solely our own and do not express the views or opinions of the CRA, IRS or any other federal agency or tax governing bodies.
