Tax announcements

New Trust Reporting Requirements – You may have to file a trust return! Did you know that new trust reporting requirements were introduced affecting trusts for years ending after December 30, 2023? Per these new rules, all trusts, unless certain conditions are met, must file a T3 Trust Return, and schedule 15 – Beneficial Ownership Information of a Trust, on a yearly basis. Information that must be provided includes: Further,

Tax tips

Proprietorship versus Corporation. Are you ready to incorporate? Businesses are often established as proprietorships due to simplicity and lower administrative costs. A proprietorship structure can also be beneficial in the initial years of operating a business as any losses can be used against other sources of income. However, as the proprietorship business and its taxable income grow, so will the personal taxes. Therefore, it is crucial for sole proprietors to determine when will