New CRA trust reporting requirements

[rafa02]

I am resident of Canada and have a US bank account and have designated a family member as a "Paid on Death" beneficiary. I understand this is considered a Totten Trust in the US, but I have not seen this characterization in Canada. A few years ago, I spoke with a person at CRA in the Trust section, and was told this arrangement did not require a Trust T3 return. However, there are new trust reporting rules in Canada, beginning with the 2023 tax year, and I am unsure if my US bank account will now require a T3 return. The new requirements may impact real estate agreements and "bare trusts", but apparently CRA has not finalized these new requirements. I am curious if anyone potentially affected by these new reporting requirements has looked into it? As with all these reporting requirements for the IRS and CRA, penalties for not reporting can be horrendous.

[Carasad]

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[wilkinsonwilfrid]

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