Did you co-sign for a family member’s or a friend’s home purchase? Do you hold investments for a child or grandchild? Are you on title of your parent’s house for estate planning purposes? Do you have bank accounts, loans or leases for your company registered in your personal name, or vice versa? Do you operate a partnership or joint venture that has property? These are some examples of possible bare trust arrangements. The new trust reporting requirements implemented by Canada Revenue Agency may require you to file a T3 Trust Return for these bare trust arrangements and others. For more information on what a Bare Trust is and the new T3 Trust Return reporting requirements, refer to the article in the link below.
Please contact your KMSS advisor if you have any questions with respect to your T3 Trust Return filing requirements, including the determination of whether you have a bare trust arrangement and did not know.