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
RLR’s Real Estate lawyers provide a full range of legal services including services related to residential and commercial conveyancing, leasing and commercial tenancies, land use regulation, condominium law (also known as strata property law), zoning and by-law issues, municipal and environmental matters and real estate disputes of every description.
RLR’s work in the area includes past experience acting on behalf of individuals, corporations, and a range of institutional and government clients. As one of the most well-established and largest law firms in the mid, South and North Vancouver Island regions, RLR’s collective experience with local and regional real estate markets provides us with a unique depth of knowledge in representing our clients in all matters concerning their real estate holdings.
Indigenous land ownership and land located on reserves
There may be additional considerations that apply if you are an Indigenous person who owns land on a reserve. Visit our Aboriginal Law practice page for more information.
New Tax Rules for 2023: Bare Trusts Face Unexpected Reporting Requirements and Penalties – UPDATE
UPDATE: CRA exempts bare trusts from trust reporting requirements for 2023 tax year.
Read the CRA Announcement: March 28, 2024: Bare trusts are exempt from trust reporting requirements for 2023
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…