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Weekly Market Snapshot: Trade Talks Collapse, 50% Tariffs Hit as Markets Wrap a Choppy Week

  Published August 22, 2026 · Canadian Money Brief BREAKING OVER THE WEEKEND U.S.-Canada trade talks collapsed late Friday night, and the U.S. imposed 50% tariffs on roughly $20 billion of Canadian goods just after midnight Saturday. Ottawa says it will retaliate dollar-for-dollar. Here's what happened on the markets before that news broke — and what it means for your wallet now. It was a genuinely strange week to be a Canadian investor. Stocks mostly rallied through Friday on hope that Washington and Ottawa were closing in on a trade deal. Then, hours after the closing bell, that deal fell apart. The 50% tariff that had been threatened, paused, and re-threatened for weeks finally landed. Markets haven't had a chance to react to it yet — that reaction starts Monday morning. Below is how the week actually traded, market by market, followed by what the tariff news means for you and what's on deck for next week. TSX: A Choppy Week That Ended With a Miner-Led Rally The S&P/...
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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.

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