RLB Blog

The 2018 Federal budget released draft legislation relating to new trust reporting requirements applicable for trust year-ends ending on or after December 31, 2021. The draft legislation received Royal Assent to be applicable for trust year-ends ending on or after December 31, 2023. The new legislation changes the tax return filling requirements for trusts and additional trust information disclosure requirements were introduced. The new trust information disclosure requirements will be formulate part of your annual T3 Trust Tax Return on Schedule 15.

Being asked to be the Executor of a Will (or the Executor of an Estate) is one of the greatest possible honours any one person can receive. It is a true testament of trust bestowed upon you by the individual in question. While being asked to act as an Executor is certainly a flattering experience, it is important to know this responsibility can sometimes require an enormous amount of work—becoming a full-time job in some cases. 

What is a Family Trust anyway and why do you need one? We have compiled some of the most common questions that our team receives regarding trusts to fully explain the intricacies of the Inter vivos (Family Trust) world. 

Canadians donate their time, volunteer and fundraise for charities, and make charitable donations. All of these efforts contribute to the country’s societal wellbeing. In addition to benefiting society, when planned properly, charitable giving also may benefit the donor from a tax perspective. If you are considering making donations, be sure to include these in your tax and estate planning. This article will provide more details on the taxation rules that apply to charitable donations, specifically to donations made upon the death of an individual. Although there are various types of donations to utilize in planning, this article will focus on the tax treatment of cash gifts and gifts-in-kind.

Auto-Fill My Return The Canada Revenue Agency (CRA) has made it easier for you to file your taxes this tax season! Filing taxes can be easy for me? Am I dreaming? No, you’re not! If you’re short on time this tax season, try Auto-Fill My Return. It is a secure service that automatically fills in parts of your tax return, making filing online even more efficient! Some of the information that Auto-fill My Return automatically fills in includes:

Taxes can be confusing…now add in the complexity of filing a U.S. tax return.  At RLB, our specialized team of accountants in our U.S. tax department often get asked this question.  Here are some questions you should ask yourself to determine whether you may be required to file a U.S. tax return.