Tax Filing Alert

  • Are you on title to property with you child or your parent?
  • Are you on a bank account with your child or your parent?
  • If so, you may be required to file a T3 tax return for 2023.

There is now a new, very broad CRA rule that seems to mandate the filing of a T3 tax return by “trustees” of “bare trusts” - i.e., where thr “Trustee” does not exercise independent discretion, and is required to follow the beneficiaries' instructions in all respects at all times. This was never requires until now.

Here are some examples:

  • A Joint Account with your child or parent, worth over $50,000 at any time in 2023 or with income over $500 in 2023.
  • On Title to Property (home, mortgage) with your child or parent.

You may want to see an accountant or tax preparer for your 2023 taxes.

NOTE: It is accountants (not lawyers) who advise and assist people with filing taxes, including this new T3 filing requirement. There is no Unifor Legal Services Plan benefit coverage for filing tax returns.