Trusts Matter: Navigating Changes in Tax Reporting

In this special episode of InFocus, Mike Gassewitz, CEO of TriCert Financial Group, delves into the complex world of trust reporting and the recent legislative changes. Joined by Connor Gates, CPA, CA, CFP®, a seasoned accountant and partner at one of TriCert's accounting partners, they explore the nuances of trust arrangements with a focus on tax reporting requirements for bare trusts used in common financial planning tactics.

As they dissect the implications of the new CRA reporting requirements, Mike and Connor highlight the importance of understanding one's role in trust arrangements and the necessity of meticulous documentation. From identifying key players like settlors, beneficiaries, and trustees to grappling with penalties for non-compliance, the conversation underscores the critical role of proactive financial planning and accounting expertise.

Listeners are encouraged to seek guidance from their financial advisor and accountant to navigate the evolving landscape of trust reporting, ensure compliance, and safeguard their financial interests. Listen to gain invaluable insights into trust structures and tax obligations in this informative and timely discussion.

Recorded on March 15, 2024

 

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