03/17/2024
The new trust reporting rules. You need an estate plan update or those joint accounts to “avoid probate” and those ‘I co-signed’ my kids mortgage decisions will drag you into probate you didn’t anticipate
Yes, there is a fix, such as gifting the right of survivorship by a deed or holding land transfers in escrow, but most people don’t implement them in time. Contact us to be sure your estate plan is still working for you and your loved ones.
Bare trust reporting is a new requirement by the CRA this year, but most Canadians are likely unaware of its existence — or penalties.
