Insights

CRA has waived the 2023 T3 return requirement and basic late-filing penalty for bare trusts. Other trusts do not qualify for this relief. The alert discusses the tax treatment of bare trusts in Canada and potential future reporting changes.

Federal Canada Budget proposes raising the capital gains tax inclusion rate to two-thirds for corporations and trusts, and for individuals on gains over $250,000, starting June 25, 2024. This will increase taxes on investments.

The sale of commercial real property in Canada is treated as a taxable supply, for which the Goods and Services Tax ("GST") applies