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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
Event dates
February 18, 2021
