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What new bare trust tax filing rules mean for Canadians
– moneysense.ca
Wondering if you need to file a trust tax return for a bare trust for your 2023 taxes? No, you don’t, according to the Canada Revenue Agency. The CRA announced on March 28, 2024, that bare trusts are exempt from trust reporting requirements for 2023. However, if you share assets with someone, this is still worth a read. We’ve received so many questions about bare trusts that this column, originally published on March 11, 2024, has been updated to address some of them.
Ask MoneySense
I would like some clarification on the T3 tax return for the year 2023. Whom does this rule apply to and can you clarify whether all the persons on the account have to complete T3 tax returns?
—Chander
Some people set up trusts that come into effect during their lifetime or upon their death. Trusts may be used to reduce taxes or to provide certain protections for young or vulnerable beneficiaries. A lot of Canadians don’t realize they have a trust. And new tax rules for so-called bare trusts mean they will also have to file trust tax returns for 2023…
The real costs of buying a car
– moneysense.ca
Mark Kalinowski, a credit counsellor and financial educator at the Credit Counselling Society, says you need to know what you can afford when it comes to a car loan. “If you can’t pay for it and they repossess it, well, now your credit’s ruined for a long time,” he said. You can only afford so much credit based on your income level, so if you take on a car loan, that will eat away at other borrowing capacity such as a mortgage, Kalinowski said.
How much is a car? Add interest, among other things
When shopping for a car, the numbers can come fast and furious and they can add up quickly. It’s important to keep the total cost of the vehicle in mind, Kalinowski said, not just the monthly or biweekly payment you will have to make. “One of the big things you see in dealerships is they don’t sell you the price of the car, they sell you the payments,” he said…
