https://www.advotaxlaw.ca/post/a-basic-guide-on-bare-trusts-for-canadian-taxpayers
there is new trust rules that are now law
lots of requirements and it may affect many people unawares
this article is a good starter to help determine responsibility for reporting
we do trust returns , CRA has geared up the online reporting options
Lots to think about
As always please review comments below for more info gleaned for this topic
Year end reporting is way more complicated this yr, this is a helpful article, and some links to CRA site built in ~ TLR
http://www.canadian-accountant.com/content/partner-posts/understanding-wage-subsidies-at-year-end
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Rachel Fisch is a strategic advisor at Wagepoint. Join Rachel and Juliet Aurora, co-founder of AIS Solutions & Kninja Knetwork, on December 16, 2020, for a webinar on reporting wage subsidies for 2020 year-end. |
Year-end reporting is complicated in a normal year — in 2020, it’s “rocket surgery.”
This year saw the federal government introduce two different wage subsidies to support small businesses during the COVID-19 pandemic: the 10% Temporary Wage Subsidy for Employers (TWS) and the Canada Emergency Wage Subsidy (CEWS). Both subsidies are considered income for the small businesses who took advantage of them and, as such, they each have specific reporting requirements.
If you and your small business clients are feeling overwhelmed, you’re certainly not alone. This overview will walk you through the ABCs of the wage subsidies, and if you’re still confused about closing your clients’ books, you can join our December 16th webinar to go over it all in detail. I will be hosting this webinar with Juliet Aurora, co-founder of AIS Solutions & Kninja Knetwork.
