The latest in tax law
New Trust Reporting Rules
November 02, 2020
Many trusts will be subject to proposed new reporting rules (“Reporting Rules”) for their taxation years ending on or after December 31, 2021. These trusts will now be required to disclose personal information to the Canada Revenue Agency (“CRA”) concerning their settlors, trustees, beneficiaries, and other persons that can exert control over the trust (such as protectors).
Alberta Tax Rates Update
October 23, 2020
The revised Alberta income tax integration tables for 2020 and 2021 are now available. These tables include changes introduced by the Government of Alberta on October 20, 2020 in Bill 35, which we expect will pass the Legislature and receive Royal Assent in the coming days.