Depends on how the accounts are set up (legal terms matter here.)
If it's a joint account, generally speaking no bare trust arrangement exists when legal title(s) matches the beneficial owner(s).
If YOUR name is on the legal paperwork, but the funds are held for/used by just your parents, then you'd probably want to look into this a bit more. (Read: May need a T3 filing - There's some filing exemptions, but they are rather specific.)
Quote:
Originally Posted by oldjeda
Anyone else having to deal with these new tax forms? Looks to me like another way for our government to open the door to an inheritance tax. 😡
I’m on a couple of my (very senior) parents accounts because I’m responsible for managing their money, but now, from what I hear, I need to get some paperwork filled out and sent to the CRA by the end of March or face a daily penalty for every account over $50K.
I guess we knew it was coming. They need more tax money from us to feed their “drunken sailor” spending sprees. My apologies to sailors…..
Thoughts or comments?
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