This course will provide tax professionals with a practical overview of Canada’s bare trust reporting rules, including when the rules apply, common compliance traps, CRA administrative guidance, and a
This course provides a practical and up-to-date analysis of Canada’s bare trust reporting rules under the Income Tax Act. Participants will review the legal characteristics of a bare trust, the legislative framework for trust reporting, and the circumstances in which a trust is required to file a T3 Trust Income Tax and Information Return and Schedule 15.
The course will also examine the scope of the current administrative relief, available statutory exemptions, and recent legislative developments affecting bare trust reporting. Using real-life examples and common client scenarios, the session will explore how the rules apply to arrangements frequently encountered by CPAs, including nominee corporations, real estate ownership structures, joint ownership arrangements, estate planning, and corporate reorganizations.
The presenter will discuss common compliance pitfalls, practical strategies for identifying reporting obligations, and best practices for advising clients in an evolving regulatory environment. Participants will leave with the knowledge and confidence to recognize bare trust issues, assess reporting requirements, and help clients manage their compliance obligations effectively.
Specific topics areas will include:
Bare trusts – legal principles and distinguishing characteristics; legislative framework for bare trust reporting under the Income Tax Act
T3 Trust Income Tax and Information Return and Schedule 15 reporting requirements
CRA administrative relief and recent legislative developments
Statutory exemptions from bare trust reporting; identifying bare trust arrangements in practice
Nominee corporations and bare trust reporting
Real estate ownership structures and joint ownership arrangements
Bare trusts in corporate reorganizations and estate planning
Common compliance pitfalls and practical case studies
CRA penalties, risk management and best practices for advising clients
Recent CRA guidance, technical interpretations and emerging issues
This course is ideal for:
All tax preparers
1 activity • 1 videos • duration: 2h 16m
AJAG Professional Development was founded in 2003 with a mission of making professional development easier and more cost-effective for Canadian accountants and other financial advisory professionals. Our comprehensive range of flexible and reasonably-priced courses, programs and seminars are delivered online and in classroom-style settings in the Greater Toronto Area (Toronto, Oakville and Markham). AJAG features a roster of highly-qualified instructors who deliver content that is pertinent, up-to-date and engaging.
Tax Lawyer, Founder of Advotax Law
Anna helps clients who are being audited or were reassessed by the Canada Revenue Agency (CRA) resolve their disputes with the tax authorities. Anna represents her clients at the CRA level, at the Tax Court of Canada, and at the Federal Court. In addition to her tax litigation work, Anna advises her clients on a wide variety of Canadian income tax, HST, and international tax issues. She helps business owners organize their affairs in the most tax-efficient manner. Most of Anna's clients are small and medium-sized businesses, as well as individuals and estates. Anna's specific expertise is in income tax and HST issues related to the real estate and construction industry. Anna graduated from Osgoode Hall Law School in Toronto in 2007 and was called to the Ontario bar in 2008. She completed Parts I–III of the CICA In-Depth Tax Course. Prior to founding Advotax Law, Anna practiced tax law at one of the largest Bay Street firms. Anna is the founder of Canadian Tax Nerds, an informal discussion and study group of over 1,800 Canadian tax professionals. Anna is active in the Greater Toronto Area's Russian-speaking legal community. Anna provides legal services in English and Russian.
Professional development requirements vary by profession, country, and regulatory body. Before enrolling, review the course details and confirm that the content, learning format, and any listed credits meet your specific requirements. You are responsible for confirming eligibility with your regulator or professional association and keeping the records required for reporting.
