Bare Trusts - EXEMPT from filing for 2023 Tax Year

You tell them the CRA pulled the plug on these in the 11th hour. We as practicioners are doing our job, it’s not our fault. As for billings, that’s on you to work out.

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:laughing: :laughing: :crazy_face:
Who was it that said this would happen? @snoplowguy ? @SmallBizGuy ?
Without searching through all the threads and posts I don’t remember, but SOMEBODY called it!
(and I suspected they may be right, so I haven’t done any myself, either)

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I am with you on this for sure! gimme a jug of rum.

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Lucky you!! We have done a few dozen here at my firm, and I have associates at various other firms who are also balls deep in filings. It’s all damage control form this point onward.

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Someone did a lot of lobbying. All that real estate under a bare trust and owned by someone else somewhere else. I had one guy with 29 properties and did not plan to report the T3.

Time for a class action lawsuit against CRA and Finance? And the clowns that are responsible for this mess in what we call the Government of Canada…

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That’s what I suggested at work but then we all laughed because none of us have time or funds for that especially since we will most likely lose.

I’m telling all our clients to contact their MPs and let them know how they feel about spending all this time and money on this useless fishing expedition.

The only thing your MP cares about is getting re-elected; unless you count Monday’s salary increase which helps them pay for the increase in carbon tax. :wink:

The department of finance has an email. I dont think we can blame CRA, they don’t legislate and are as much in the dark as we are:

FIN.Minister@gov.bc.ca

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That is the best idea I have heard in a long time. This debacle has cost me directly in time doing preliminary work and informing clients of the new requirements. Also, not to mention trying to explain an invoice for something that is now not required. We should all send and invoice to CRA for our time.

If we all sent an invoice for 10k to CRA and copied our MP I wonder what feedback this would generate. Not expecting payment but this would be a show of our utter displeasure in how this and other changes have been implemented.

I had a feeling that this was going to happen as I was telling all my affected clients to call their MP’s and protest and I understand many others were also telling their clients to do the same thing.

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Luckily we chose to put off this little project until after tax time as it was announced that there would be no penalties for late filing. Also I kind of thought something like this might happen.

I had decided to hold off filing any bare trusts until May (hoping that Revenue Canada would modify/back down). Clients were advised to get their agreements in place so that I would have all the information required when May came. So glad I was waiting…

True the department of Finance is responsible for the legislation but the flip flopping and last minute changes on the administrative policy is CRA. This legislation has been in the works for many years. It did not come as a surprise. There is NO excuse for waiting so long on the announcement! As many of us who have tried calling CRA for clarification had discovered, they didn’t even know the rules themselves! How were they possibly expecting Canadians to!

And so it begins, clients asking for refunds for the work we’ve already done and filed.

Happy Friday everyone :roll_eyes:

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Don’t blame CRA (entirely)…they’re just administrative. Blame the performative Libs…Freeland against MASSIVE advice from accountants and lawyers and many others across this country went ahead with what I continue to call the stupidest piece of legislation ever. (But wait until the “Online Harms” act comes into play…it’s worse…much worse, but at least has Constitutional protections available.)

CRA and Bob WK Hamilton as its head can be blamed for not releasing guidance, but make no mistake: Freeland is the boss and this is entirely HER doing.

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Isn’t she a journalist by trade? A bachelor of Russian history and master’s in Slavonic studies is surely the equivalent of a PHD in Economics; fully qualified to be in charge of managing the finances of a country. I suppose she does out-rank her boss in terms of education credentials though. :wink:

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Please consider supporting Joe Devaney (of Video Tax News) ’s initiative to quantify the cost of this debacle and communicate same to the Members of Parliament.

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This is insanity! The government needs to do something to compensate those that followed the requirement…so absurd to wait until late afternoon (for us in BC) on the eve of a 4 day long weekend (for federal government employees) before the due date!

Incompetence at its best!

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Haahh… nice!! but NOW with all the resulting pressure from us, Freeland will be claiming mental distress, severe anxiety issues, sleep depravation, intense loss of memory and debilitating employment pressure…
Time for Jamaica vacation … at Justin’s friend’s facilities perhaps…

Are all tax preparers Conservative by nature and politics?