New Trust Tax Rules May Impact Retirees скачать в хорошем качестве

New Trust Tax Rules May Impact Retirees

The CRA has introduced new tax rules that take effect for your 2023 tax filings. The most significant changes come in the area of trust reporting. You may be thinking to yourself “I am not a trustee or a beneficiary of a trust, so I have nothing to worry about”. Not so fast. The new rules may put requirements on far more Canadians than most people realize. The impact of non-compliance can be significant fines and penalties, so you want to make sure that you remain on the right side of things with the CRA. In this video I am going to walk through what the new trust reporting rules are, specifically focused on situations that a retiree or soon-to-be retiree may encounter. I will explain what your obligations are exemptions, deadline, potential penalties for non-compliance, and steps you can take to keep you tax compliant this upcoming tax season. https://www.bdo.ca/insights/old-trust... https://www.investmentexecutive.com/n... https://www.investmentexecutive.com/n... https://www.cba.org/News-Media/News/2... https://www.cibc.com/content/dam/pers... https://www.advisor.ca/tax/tax-news/n... Email Mark : [email protected] 📅 Book an Introductory Call with Mark https://outlook.office365.com/owa/cal... 🗞️😄 RETIREMENT ROUNDUP🗞️😄 To get a weekly video newsletter with retirement news, planning insights, and investment lessons, consider subscribing to "Retirement Roundup" below: https://mailchi.mp/walhoutfinancial/r... 📓📋 Retirement Spending Planner https://mailchi.mp/walhoutfinancial/s... TIMELINE: 0:00 - Introduction 1:14 - New Trust Tax Reporting Rules 2:50 - Common Express or Formal Trusts 4:56 - Less Common and Trickier Bare Trusts 7:31 - Exemptions from New Trust Reporting Rules 9:09 - Deadlines and Penalties plus some grace from the CRA 11:23 - Call to Action 12:37 - Closing