This episode aims to break down key considerations for filing trust returns, focusing on the current legislative uncertainty within the Canadian government. 

Frankie and Sarah revisit the capital gains inclusion rate changes and the political debate surrounding them, with both Conservative leader Pierre Poilievre and Liberal contender Chrystia Freeland vowing to scrap the proposed tax legislation if elected. 

They also discuss the shifts to Bear Trust filings, which have caused confusion due to unclear definitions and changing CRA requirements, and the Alternative Minimum Tax (AMT) and its growing impact on trusts. With recent legislative changes, AMT may apply more broadly, challenging traditional tax planning strategies. As tax rules continue to evolve, they stress the importance of staying informed.

Gain insight with these key points: 

• Controversy surrounding the capital gains inclusion rate and its potential impact [09:00]
• Bear trust filing requirements and CRA’s latest decisions [12:16]
• Implications of the alternative minimum tax for trusts [17:55]
• CRA’s technical interpretation of professional fee payments by trusts [27:55]

Connect with Frankie Loreto and Sarah Netley: 

• Courtice.BakerTilly.ca
• LinkedIn: Baker Tilly Canada
• LinkedIn: Frankie Loreto
• LinkedIn: Sarah Netley
• Call: (905) 579-5659

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