Want to stay up-to-date with all the latest news about Real Estate Tax Tips, receive weekly tax tips and free real estate investment resources? Then subscribe to our newsletter here: realestatetaxtips.ca/youtube
During 2023 I actually registered two Bare Trusts, one to comply with being joint on mom's bank account, and the second for being registered on title to her house. Now it seems that for 2025 I am no longer required to claim either Trust. How do I, or should I cancel both Trusts or simply do nothing with them? PS. LOVE your videos!!
Love your videos. So clear and precise. One question I have ..in the case of a Bare Trust, in my case I have a joint account with my daughter, all in fixed deposits and cash, less than $50,000/- so no reporting is required. But, for clarity sake, who would have to report the taxes, my daughter or myself. It is a joint account.
Depends on who funds the account, your daughter's age, and also what your intention is. As an example, if your daughter is under 18, and you're the one funding the account, the return should be reported in your name. On the flips side, if the daughter is over the age of 18, and your intention is to gift the cash to your daughter, she has the money, then the return should be reported by her. And then there are other scenarios as well.. .So again, depends on your particular situation.
For related trust if there are multiple GIC’s and bank account that add up to over 250K you are saying I have to report it even though individually each of the accounts are less than $250k.. is this correct?
It certainly seems very confusing. The bank accounts under 50k seem straight forward but the property in joint names with a value of over $250k and doesn't fall under reporting requirements if you are related parties. I thought they were going after people who were trying to avoid probate.
