The New Trust Filing Rule Could be a Real "Bare" to Deal With

By John Grummett FCPA, Tax Partner, Taylor Leibow LLP

There are new reporting rules related to filing of Trust tax returns that become effective for Trusts with a December 31, 2023 year end or later.

These new rules result in two significant filing changes...

Summary of the Bill C-208 Rules coming into place for transfers effective January 1, 2024

By Trista Gallant, CPA, CA

As proposed in Budget 2023 (further revised August 4, 2023) and where conditions are met and an election is made, the business transfer between a parent and a corporation controlled by a child is excluded from the Section 84.1 deemed dividend rules. The original Bill C-208 rules introduced in 2021 have now become much more complex with rigorous requirements intended to reflect a more genuine intergenerational transfer of a business applicable to transactions dated January 1, 2024, and later...