The Canadian tax landscape has changed, and it's essential for property owners and real estate investors to stay informed!
The trust reporting has been announced by the government for a number of years. This new trust reporting rule was supposed to be implemented by the government in 2022, but they decided to prioritize the Underused Housing Tax Act implementation over this trust reporting.
Don't get caught off guard by the new regulations - get the full insight here!
Key Moments In This Episode ======================== 00:01 - Intro to Trust Return Filing for Property Owners 02:02 - Legal vs. Beneficial Ownership Explained 04:06 - Trust Reporting for Joint Accounts 06:11 - No Filing Needed Under $50,000: Criteria Clarified 08:17 - Real Estate Investors: New Filing Requirements 10:21 - Reporting for Joint Property Ownership 12:16 - Full-Year Trust Return Filing Breakdown 14:19 - Penalties and Corporate Tax Must-Knows ----------------------
Please make sure to speak to a professional that knows your personal situation before making a decision.
If you need to talk to someone on my team, email us at [email protected].
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Real estate Tax planning is a personalized decision and will depend on your situation, priorities, and risk tolerance. Consult with your legal and tax advisors to ensure you get the best personalized advice. The information contained in this video is for general information purposes only. The information is provided by ECRB Consulting Inc., RealEstateTaxTips.ca, Cherry Chan Professional Corporation and Cherry Chan. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the article or the information, products, services, or related graphics contained on the presentation for any purpose. Any reliance on such information is, therefore, strictly at your own risk. In no event will we be liable for any loss or damage, including, without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of or connected with the use of this information.
