Green Leaves Bookkeeping

Bare trust reporting requirements cancelled!

📣 Alert! Bare trusts are exempt from trust reporting requirements for 2023.

Find out more➡️ https://ow.ly/3u1i50R4w8z

It's hard to get information out to people these days but I urge you to go read this article to see if you or anyone in your family could be caught up in new CRA legislation.

A new requirement as of the 2023 tax year is to file a trust return for bare trust arrangements. This could be as simple as adding a parent to the title of your home or opening a bank account with a family member. The rules are complex, CRA isn't clear on them, alot of accountants are still learning the rules, and there are large penalties for not compliance even though no taxes are owing. It's also very difficult to file these returns on your own.

Please be aware of these changes and make sure you aren't caught up in them. I do NOT file trust returns but I'm happy to pass on some recommendations.

The government red tape is growing and its affecting me and you even if we don't realize it! Being silent doesn't help. Write your MP. Sign a petition. Don't be a complacent Canadian. We've done that way too much over the past four years!

The 2023 tax season is now open!

Reminder: CEBA loan repayment deadline is tomorrow. If not paid back by then, the loan converts to an interest loan and full amount is due, no loan forgiveness.

It's December 31st! Write down your end of year mileage for tracking your auto usage in 2023 for tax purposes.

Happy new year!

RRSP deadline is March 1st for the 2022 tax year. Still time to contribute and lower your taxable income!

February 20th is here. The official start of the 2022 tax season is here.

If you need help please reach out for the updated checklist to get yourself started!

If you are self employed people and/or track vehicle expenses - write down your mileage it's Dec 31!!!