Another question for the professionals in our community
Since this first came to light, I’ve consulted with 3 different accountants about our situation and they are now all in agreement that we qualify as trustees under the Bare Trust directive. My sister and I and our elderly parents are all on joint bank accounts (for estate planning purposes only). Five of the accounts qualify but it’s our parents money and my sister and I don’t touch it.
Problem is that my sisters husband (a geologist) says his interpretation is that we don’t qualify as trustees on a Bare Trust so my sister is refusing to do the paperwork on her end.
When my T3 goes into CRA, any thoughts on what will happen?
Inquiring minds want to know 🤔……
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