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ALERT:  New trust reporting requirements are in effect for the 2023 tax year. Changes include new filing requirements for bare trusts. The filing deadline is April 2, 2023 and failure to file may attract significant penalties. Learn more in our post: New Trust Reporting Requirements – Bare Trusts Are Caught.

 

Ramsay Lampman Rhodes’ business lawyers bring together an array of talent and legal experience for the benefit of our clients. Our extensive knowledge of the business environment in which our clients operate allows us to provide value that transcends the provision of legal services and enables us to act as trusted strategic partners to the businesses we serve. Our clients know that they can count on us to proactively address their needs and to put the full resources of RLR at their disposal when necessary.

New Tax Rules for 2023: Bare Trusts Face Unexpected Reporting Requirements and Penalties

A recent article in the Comox Valley Record (Taxpayers beware: new trust reporting requirements include bare trusts) has highlighted the significant change in Canadian tax regulations for 2023, which requires almost all trusts, including “bare trusts,” to file a T3 Trust Income Tax Return, regardless of their activity or income levels. The article highlights the…

New Trust Reporting Requirements – Bare Trusts are Caught

Almost all trusts must now file a T3 Trust Income Tax Return, regardless of activity or income. The filing deadline is April 2, 2024, and a failure to file may result in penalties and unfavourable tax implications. Notably, “bare trusts” are caught by the new rules. Bare Trusts In fairly simple terms, a bare trust…

James Rhodes Joins the RLR Partnership

We are delighted to announce that effective January 1, 2024, James Rhodes joined Ramsay Lampman Rhodes as a partner. With a focus on real estate and business law, James has consistently demonstrated outstanding dedication and expertise that has benefited our clients. Join us in congratulating James. We are confident that his contributions to the firm…

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