William Fowlis presents at STEP Canada’s Tax Update on Trust Audits

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