Canadian Federal Budget 2022 – Apr 7, 2022 Bill C-19, an Act to implement certain provisions of the budget tabled in Parliament on Apr 7, 2022 Bill C-8 implementing measures from the economic and fiscal update 2021 Draft legislation to deliver several commitments, including those in Budget 2022 – released Aug 9, 2022 2022 Fall Economic Statement – Nov 3, 2022 Bill C-32, the Fall Economic Statement Implementation Act

This course covers the new rules governing trust reporting. We will explore which trusts must file an annual T3 Trust Income Tax and Information Return under the new rules, with a taxation year ending after December 30, 2023. Additionally, we will delve into the rules for bare trusts, as they are now required to file an annual T3 Return.

The mechanics of UHT including the background on the legislation: How UHT rules impact trustees, partners, and corporations How UHT rules impact multiple residential property owners How UHT rules will impact non-Canadians & Canadian PR & citizens UHT exemptions for affected owners How UHT tax is calculated for affected owners Filing and payment requirements of UHT Administrative matters (deadlines, penalties)

This course offers: i) Owner definitions ii) Residential vs. commercial property iii) Rental income distinction iv) Impact on citizens, residents v) Impact on non-residents vi) Exempt properties and exemptions vii) UHT tax computation viii) Administrative details ix) Form UHT-2900 completion