Back in March of this year, I wrote about the new proposed
changes as contained in the 2018 Federal Budget. One issue that I
mentioned was the new reporting requirements for trusts. Now most
of my readers will say, "Trusts, again?"
You love to talk about trusts. And well, yes, that's true.
Trusts are a great family estate-planning vehicle, but the reason I
love to talk about trusts, is that there is so much to talk about.
Whether it's how they are formed (it's all about intent
folks!), how they are taxed (the Tax Act is full of rules to
navigate) or how they are administered (yes, the CRA is interested
in this too!), the topics are endless.
One thing that I wanted to focus on is the tax reporting
requirements for trusts. It's an interesting conundrum: Trusts
are not technically legal entities. Rather, it's the trustees,
acting on behalf of the trust, that have legal capacity. In fact,
when I draft documents to which a trust is a party, the contracting
person is
