For 2024, the existing bare trust legislation remains in effect. However, on October 29 2024, the Canada Revenue Agency (the “CRA”) announced that bare trusts will not be required to file a return (including Schedule 15, Beneficial Ownership of a Trust) unless ...
The IoT believes that fairness has been sacrificed in favor of simplicity. It agrees that the treatment of bare trusts needs no revision, and that the income tax position of trusts with an interest in possession does require simp...
A bare trust is one in which each beneficiary has an immediate and absolute title to both capital and income. The beneficiaries of a bare trust have the right to take actual possession of trust property (assuming they are of age). Example Mrs Adams left the resid...
Approximately 12 years ago my husband's parents left a small sum of money to each of our two children which my husband decided to invest in a bare trust (shares) account. In 2023 my husband's income tipped him into the higher rate tax band so he decided to remove ...Continue Reading...
(other than bare trust) created on or after 22 March 2006, even if expressed in terms of IIP trusts, are taxed under the relevant property regime. This is the regime which traditionally applied to discretionary trusts where there are potential entry, exit, and periodic charges. ...