William Fowlis presents at STEP Canada’s Tax Update on Trust Audits, where he will review the new 2021 trust reporting rules, highlighting specific changes from the current rules:

  • exceptions from the new trust reporting rules for certain trusts
  • the client impact – especially for the beneficiaries of a discretionary trust whose interests have not been vested
  • disclosure requirements with respect to beneficial ownership when the trust is holding real property and/or private company shares
  • potential issues and/or practical dilemmas for disclosing the beneficial ownership
  • how practitioners can better advise the clients (settlors, trustees, beneficiaries, and trust protectors)
  • CRA’s trust audit activity & the potential penalties for non-compliance