Perhaps. Or maybe it just has something to do with common sense? Of course, common sense is actually quite uncommon these days…
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I need some clarification regarding the new T3 Trust Reporting guidelines. CRA has canned filing Bare Trusts for 2023.
I have a client where the mom has her kids listed on her bank accounts. We no longer have to declare this Bare Trust, but what if the bank account earned interest > $500 in the account. Or, more than $100 in earned interest was allocated to any single beneficiary (mom, since the interest is in mom’s bank account). My assumption is that since this is a Bare Trust and Bare Trusts are now exempt from filing, we don’t have to worry about filing in this situation.
Am I correct in this assumption? Or do I need to contact my clients in this situation and let them know we still need to file at T3 Trust Return to declare that interest even though the T3 Trust Return will be NIL since the interest is being reported on a T5 slip filed with their regular T1 return?
I’m still seeing lots of questions posted on this forum about filing T3’s and Schedule 15’s despite Bare Trusts being canned, which made me relook at this to try figure out what I’m missing. I only file GRE T3’s for estates so typically don’t have these worries about filing other T3 Returns.
There is a song on you tube by someone who, I think, is lamenting the loss of an old friend - Common Sense. I have for a long time maintained that there is not much common about common sense.
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Most of our office is not in the slightest, quite the opposite.
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There is NO filing requirement for Bare Trusts in existence as at 31/12/23…only if CRA makes a direct, specific request. So, igore all questions related for the moment until they (a) clarify, (b) issue guidance or (c) Freeland and Bob Hamilton are sent packing.
I suspect that (c) will not occur…but we can hope.
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More likely small c conservative by nature, but politically whatever. I’m personally none of the above and distrustful of all Pols of all stripes.
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Laughing out loud at your Option “C”, @SmallBizGuy.
Thank you for verifying my thoughts on No filing requirements for Bare Trusts.
Much appreciated.
I would have to say libertarian. Government should exist to serve the people, not the other way around. I would support any party who is not willing to sacrifice the prosperity of future generations by spending into oblivion. I don’t think any of the current selections have the political will to exercise fiscal restraint. Unfortunately, in today’s society the only way to buy votes is with the promise of free stuff. Austerity ends a political career. 
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I was trying to think of the proper term. I just don’t se ehow you can be as good as you are and still be a libertarian. 
@Rein I was going to give you 2 hearts but don’t think that works.
Maybe that was an April Fools joke…
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Hard to tell with all of the AI stuff being made available
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Libertarian probably means different things to different people…to me it means something between socially “somewhat” liberal (with common sense applied) and fiscally “somewhat” conservative (with common sense applied) and doing things for the good of the country and its taxpayers as a whole and NOT for myself, my pals, my donors or other partisan groups.
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Libertarianism (from French: libertaire , itself from the Latin: libertas , lit. ‘freedom’) is a political philosophy that upholds liberty as a core value.[1][2][3][4] Libertarians seek to maximize autonomy and political freedom, emphasizing equality before the law and civil rights to freedom of association, freedom of speech, freedom of thought and freedom of choice.[4][5] Libertarians are often skeptical of or opposed to authority, state power, warfare, militarism and nationalism, but some libertarians diverge on the scope of their opposition to existing economic and political systems. Various schools of libertarian thought offer a range of views regarding the legitimate functions of state and private power. Different categorizations have been used to distinguish various forms of Libertarianism.[6][7] Scholars distinguish libertarian views on the nature of property and capital, usually along left–right or socialist–capitalist lines.[8] Libertarians of various schools were influenced by liberal ideas.[9]
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Maybe I will be libertarian as well (but only after I learn to spell the word and all it’s derivatives.)
Not that it makes a difference for 2023, as the CRA has temporarily suspended Bare Trusts from the trust filing requirements however…
I am seeing more often these “JGBRS” investment accounts replacing the more common “JTWROS” investment accounts.
JGBRS which stands for Joint account with gift of beneficial right of survivorship seems to give the initial account holder both legal and beneficial ownership over the account, however, the account passes seamlessly to the successor without going through the probate or estate settlement process.
It would seem these JGBRS accounts would not be considered bare trusts.
I expect we may see more of these types of arrangements popping up more often for investments and investment accounts. Not a realistic way to hold a joint bank account if the idea is for an adult child to be able to pay an elderly parent’s bills etc, but certainly an idea for term deposits and investment portfolios.
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EFILE / TED (CRA/ARC) CRA.DoNotReply-NePasRepondre.ARC@efile-ted.list-liste.cra-arc.gc.ca
Penalty charged in error for some trusts
The Canada Revenue Agency (CRA) has identified that some trusts that filed their 2023 returns with T3SCH15, Beneficial Ownership Information of a Trust, have been charged a penalty of $100 or more in error.
Trusts that filed after March 30, 2024 and before April 3, 2024 may have received a penalty for a late filed T3SCH15 even though the return and T3SHC15 were filed on time.
We are currently working on reassessing the affected accounts and we will be issuing a corrective Notice of Reassessment.
No further action or payment of the penalty is required on the part of your impacted clients.
Just got that. FFS can CRA get anything right?
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Now they are adding insult to injury or is it the other way around.
The way I howled when that email came in. Didn’t help I was reading the non-resident landlord tax case out of Quebec when I got it. Got me all fired up now!