Wealth Without Bay Street 207: Tax Reporting Rules That Suck! Watch Out For Trusts!
Are you involved in a bare trust arrangement? Currently, we are at the one-year mark since Bill C-32 was enacted. This means that we are now entering the first tax reporting season under this law, covering an entire tax year.
This bill, which initially seemed harmless, will potentially cause some unexpected issues. So, what does this mean for the average Canadian consumer? If you want to stay ahead and understand the impact on your financial life, tune in – we've got all the details you need to know!
▶ Tax Reporting Rules That Suck! Watch Out For Trusts!
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IN THIS EPISODE, YOU WILL LEARN:
[02:07] What is Bill C-32 and how does it impact you?
[08:25] New penalty calculations
[12:33] Sample scenario if you have a $1 million property held in trust
[17:15] Defining bare trust
[22:13] Example #1: A parent who adds an adult child to the title of their property for probate planning purposes
[29:42] #2: A child adds a parent to the title of their property in order to obtain financing
[30:25] #3: Legal title is held by bare trust corporation, but the beneficial owner is a separate entity
[30:33] #4: Legal title to the properties registered in the name of the spouse, even though both spouses have beneficial ownership
[30:44] #5: Legal title is held on behalf of a group of owners and a partnership
[35:41] Why the information reporting requirement raises many concerns
QUOTES:
- The new trust reporting rules outlined in Bill C-32 impose ambiguity and problems for citizens.
- Focus on allocating more of your financial energy towards a system that grants you greater control.
- We have a progressive tax system with multiple layers that many Canadians are unaware of.
#trustfund #investment #assetprotection #financialfreedom #WWBS #RichardCanfield #HenryWong #BeYourOwnBanker #InfiniteBanking #Taxation #FinanceTips #LifeInsurance #GenerationalWealth #BeTheBank
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