If Considering Winding Up a Trust, Now is the Time

WEDNESDAY, NOVEMBER 9, 2022

If you are considering winding up a trust, now is the time to do it.

The Minister of Finance has tabled draft legislation that proposed new trust reporting rules requiring certain information on each trustee, beneficiary, settlor and protector of a trust. The upcoming changes will also require more trusts to file an annual income tax return, and bare trusts will also be subjected to the new reporting rules.

Originally, these rules impacted trust’s 2022 tax filings. An announcement was made November 4th that changed the implementation date to trust’s 2023 tax filings.

So if you were thinking about closing a trust, do not delay!

If you have any questions, please call your RMT representative.