A while back, I wrote an article on bare trusts and the changes to tax filing obligations for them. By way of reminder, a bare trust is a trust relationship characterized by the following hallmarks: The trustee holds legal title to property and has no other powers, duties or responsibilities in relation to the trust […] Read more
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Time to pay attention to bare trusts, part two
Previously, I wrote about bare trusts in the new trust disclosure rules and the T3 trust return filing. In that article, I alluded to another new set of rules that loop in certain bare trust relationships. These new rules are contained in federal legislation called the Underused Housing Tax Act or UHTA. A bare trust […] Read more
New rules bring reporting requirements for bare trusts
A bare trust is a trust relationship characterized by the following hallmarks: The trustee holds legal title to property and has no other powers, duties or responsibilities in relation to the trust property. The settlor is the sole beneficiary of the bare trust and retains the right to control and direct the trustee in all […] Read more
