Changes to the trust reporting rules – old news is still not good news

By Denise Coombs, Noseworthy Chapman

If you are a trustee of a trust, you have likely heard of the proposed changes to the trust reporting rules that were first announced in the 2018 federal budget as part of the government's broader plan to crack down on tax avoidance. These proposed changes required extensive reporting for all trusts in Canada so as to assist the Canada Revenue Agency ("the CRA") in assessing the tax liabilities for trusts and their respective beneficiaries and imposed significant penalties where these new reporting requirements were not met...

Moving Expenses Deduction – Not Just for Employees

By Kendra McAnulty CPA– Manager Tax Services, Davis Martindale

When the eligibility requirements are met, individuals can claim a deduction for moving expenses on their income tax return. This deduction is not only for employees moving closer to a new workplace, but also for self-employed individuals moving for business reasons, and full-time students moving to be closer to their educational institution...

Mandatory Disclosure Rules – Update on Reportable and Notifiable Transactions

By Derek Wagar, Fruitman Kates

On August 9th, 2022, the federal government released amended draft legislation for the mandatory disclosure rules that were originally released in draft on February 4th, 2022.

The February 4th, 2022, draft legislation made these rules effective for transactions that were entered into after 2021. This caused uncertainty for taxpayers and their advisors who were involved in transactions that were required to be reported, when the legislation was still in draft and there were many unanswered questions...