New trust disclosure and reporting rules postponed
A new update on the rules outlined in December 2021
On January 14, 2022, the Canada Revenue Agency announced that the proposed new disclosure and reporting requirements for trusts will not be applicable until the proposals receive Royal Assent. It was expected that these new rules, first announced in 2018, would apply to trusts for the first time when filing their income tax return for the December 31, 2021 taxation year.
Revenu Quebec recently confirmed that they would follow suit and not require that the proposed trust disclosure and reporting requirements be observed until the federal proposals are law. Therefore, while the Revenu Quebec trust guide and return for 2021 include a new disclosure section, it is not applicable for the December 31, 2021 taxation year.
The above is an update on the memo sent in December 2021.
Due to the complex nature of this subject matter, readers are urged to seek out their Richter professionals so their individual situations can be properly assessed. Contact us for more information.