I realize this has been discussed to death.
I am in the process of applying for a T3 # then filing T3 returns and schedule 15.
Daughter & Son in Law on title one revenue property 100% and on another revenue property with parents. 3rd property is under parents. Parents are beneficiary owners and we do a T776 on each home on parents returns. Daughter has full POA.
Question - Are Daughter & Son in Law required to file UHT return for 2023 along with filing the T3 Trust returns
Thank you,
I have a related question: both parents deceased in the same year, filing GRE trusts - 2 years later their principal residence has still not been sold, might we need UHT returns as well?
Thanks in advance for any insights.
I also have a related question: A farm house (located in a rural town in AB) was inherited by 4 individuals (1 = 50%; 3 = 50%); a bare trust was created for the 3 individuals. The house is currently sitting empty, and the owners have started the process (in 2024) of subdividing the land with the house on it, so it can be sold.
I spoke to someone from the CRA and they commented that an internal communication of theirs notes that a bare trust is not considered an excluded owner, but every accountant I’ve spoken to about this situation say that it’s not necessary to file a UHT return, as all individuals within this bare trust are Canadian citizens and residents.
Question: Can you argue that these owners are excluded owners?
Question: Should I be filing a UHT return?
Question: If I should be filing, is there exemption that would best support them not having to pay tax on this property? I’ve read through all of the exemptions and am looking for more insight.
Thanks in advance!
GRE doesn’t need to do UHT
The Bare Trust Exemption for UHT was 2023 and forward. Still have to do 2022 UHT for the Bare Trust, but not the Bare Trust itself unitl 2024 under current guidelines. i have seen anything since the last announcement to waives the 2022 UHT requirement.