Jared Mackey and Spencer Brown write in The Lawyer's Daily on how Canadian bare trusts could soon be required to file annual returns with the Canada Revenue Agency.
They answer key questions regarding bare trusts and note that those who fail to file annual reports could face substantial penalties.
Jared and Spencer say that "pending legislative clarification from Finance or administrative guidance from the CRA, and given the severity of potential penalties for failure to file, many bare trustees will be forced to err on the side of filing a return."
The full article can be found on The Lawyer's Daily website.
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