Don’t wait for a Turbo Tax pop-up to tell you there’s a new CRA form to file at tax time; let’s hear it from Renfrew-Nipissing-Pembroke Member of Parliament, Cheryl Gallant.
The member refers to a document from three years ago, which continues to have consequences even beyond last year’s Vacant Housing Registry.
OK. So “Trust Fund” equals “rich people”, right?
Other examples of a bare trust arrangement, according to the CRA, include: a financial account opened by a parent or grandparent for a minor, a joint bank account between an adult child and their elderly parent, and a parent co-signing their kid’s mortgage.
Gallant says don’t be surprised; she told you first.
The penalties for failing to file could be up to 5% of the value of the trust or $2500, whichever is greater.
In order to file a T3 Tax Return, Canadians must first obtain a Trust Identification Number from the CRA.
By Rick Stow