Update On Trust Tax Filings

On March 3, 2025 CRA issued an update on the confusing trust filing requirements for tax year 2024. What’s important to know is that when filing of the T3 return, and the T3SCH15 Beneficial Ownership Information of a Trust form is required, the deadline is coming up soon:  March 31, 2025. 

Planning a vacation with the kids in July? If you live in Manitoba, Ontario, Alberta or Saskatchewan, CRA will be sending you some gas money soon via the Climate Action Incentive – hundreds of dollars in fact - but only if you filed a 2021 tax return.  It’s not too late to get in on this and other social benefits that are paid after June 30; a quagmire of must-know tax info, your tax specialist can help you with before the holidays start.  Some details follow:    

Do you know of anyone who has assigned the purchase of a home to another person before moving into it? Perhaps you know of an investor in a new condo complex, who has put down a deposit with the hope of engaging a third party once the condo is built and the price goes up. If so, be sure they know about new tax rules for such “speculative sales”, which will render this type of transaction to GST/HST effective May 7, 2022, and could eliminate rights to capital gains treatment as well.    

This year, Tax Freedom Day for Canadians fell on June 15, 2022, which is four days later than last year, and almost a full two months later than the US hit the same milestone. That means when you add tax and inflation together, Canadians have a more compelling financial issue than our neighbours to the South. For those reasons, working with tax and financial advisors is critical as there are many opportunities to save money on taxes and benefit from generous tax credits here in Canada. Professionals can make sure Canadians don’t miss out in these expensive times.

Did you know that there are three things that have to be filed by June 30? This includes Form RC243 TFSA Return and RC243 – Schedule A – Excess TFSA amounts, as well as the Registered Charity Information Return (T3010). Read on to find out more about the requirements for charities:

Ian Wood, winner of the RWM™ Name in Lights Contest, joined the Society of Real Wealth Managers™ because he believes in the importance of the multi-stakeholder collaborative approach taught used and enjoys being part of collaborative teams with other members. Ian will be a featured expert on the panel “Planning for Disability: A Multi-Advisory Case Study” along with Kristin Ramlal and Doug Buss at DAC Acuity 2022, October 16-18 in Niagara Falls.

Knowledge is powerful when shared  and summer is the prime time to enhance your own and train your team with Canada’s most up-to-date and comprehensive online tax and financial courses.  Multiply your personal development and your business opportunities, too. Save $1,000 when you enrol in a Fast Track Designation Program by June 30.