On March 28th, 2024 the CRA announced that Bare Trusts are exempt from the new trust reporting requirements for the 2023 Tax Year.

While on its face this may come as a relief - the announcement has created a significant amount of frustration with taxpayers and their professional advisors.

In this video, I will explain the announcement from the CRA last week, the impact on taxpayers who may have had a bare trust reporting requirement, and the reasons why I think the government needs to take notice of their mistakes here and make changes to the way that they roll out new tax policy to avoid more pain and frustration for taxpayers in the future.

https://www.canada.ca/en/revenue-agen...

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TIMELINE:
0:00 - Intro
0:46 - Background
2:45 - Response by Taxpayers
4:18 - Why this is a Problem?
6:59 - Closing
5:24 - Where Next?