Skip to main content

Featured

The GST/HST Credit Has a New Name — And It's Paying 25% More

  Sunday, July 19, 2026 If you've relied on the quarterly GST/HST credit, that name is gone for good. Here's what replaced it, how much more it's worth, and whether you need to do anything to get it. For years, the GST/HST credit quietly landed in millions of Canadian bank accounts every three months — a modest, tax-free top-up meant to offset sales tax on everyday purchases. As of this month, that program no longer exists under its old name. It's now the Canada Groceries and Essentials Benefit (CGEB) , and the federal government has permanently increased the payment by 25%, locked in for five years. If you already qualified for the GST/HST credit, you don't need to apply for anything new. But you should know what changed, because the numbers — and the timeline — are more involved than a simple rename. What actually changed The CGEB was first announced by the federal government in January 2026 as part of a broader affordability push, and it became law with the passa...
Post a Comment
Read more

article

Labels

New CRA Rules for ‘Bare Trusts’: What You Need to Know

 


The Canada Revenue Agency (CRA) has introduced new reporting requirements for trusts, and it’s essential for Canadians to understand how these changes may impact their tax filings.

Starting from December 31, 2023, all trusts, unless specific conditions are met, must file a T3 Trust income tax and information return (T3 return) along with a Schedule 15 (Beneficial Ownership Information of a Trust). This means that many trusts, including bare trusts, will need to file for the first time.

What Is a Bare Trust?

A bare trust is a simple form of trust where the trustee holds legal title to the trust property, but the beneficiary has the right to all income and capital. These trusts are often used for estate planning, holding property for minors, or managing assets on behalf of someone else.

Key Points:

  1. Annual Filing: Affected trusts must now complete an annual T3 return, including the Schedule 15, for tax years ending after December 30, 2023.
  2. Additional Information: Trusts must provide additional information about reportable entities, including trustees, settlors, beneficiaries, and controlling persons.
  3. Exemptions: Some trusts, such as registered plans and qualified disability trusts, are exempt from these new rules.
  4. Trust Account Number: Before filing, ensure you have a trust account number. Obtain it instantly through the CRA’s online services.
  5. Deadline: The deadline for filing the T3 return and Schedule 15 is 90 days after the trust’s tax year-end. For most trusts, this is December 31, 2023.

Penalties and Relief

The CRA has clarified that it won’t apply gross negligence penalties for non-filing of 2023 bare trust returns except in “egregious cases” of gross negligence. However, it’s crucial to stay informed and meet the filing requirements to avoid any potential penalties.

As tax season approaches, consult your tax advisor or visit the CRA website for detailed guidance on complying with the new rules for bare trusts.

Labels:

Comments

Post a Comment