Bill C-32 delays enhanced reporting requirements for trusts, but would implement a new tax credit, the surtax on banks and insurers, and more
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The legislation also covered changes to RRSP and RRIF reporting, charity disbursements and more
Draft legislation also seeks to implement a raft of proposals from Budget 2021
Expanded trust reporting requirements announced four years ago were set to be effective, but feds still haven’t passed legislation to enable them
Factors to consider when setting aside funds for minors
Complex relationships are increasing the risk of litigation
Clients considering the strategy must take extra care
Trustees must balance the interests of income and capital beneficiaries amid economic uncertainty
The agency will not charge penalties and interest if payments are made by the new deadline