Quote:
Originally Posted by hansol
In the interest of being helpful, here's what a comment from a ridiculously smart CPA in my professional bubble:
"I hear a lot of lawyers advising that, as long as you legally own property that you do not beneficially own 100% (e.g. your name is on the account but it's not your money), you are holding property in trust, so a T3 is required." (Emphasis mine.)
This is a very conservative approach, but hopefully gives a bit of clarity.
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Also saw that CRA is waiving penalties for this year if someone makes an honest mistake.
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It is not the most intellectual of the species that survives; it is not the strongest that survives; but the species that survives is the one that is able best to adapt and adjust to the changing environment in which it finds itself. Charles Darwin
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