Canucks pull off comeback, top Predators 4-3 in OT
Elias Lindholm scored 1:02 into overtime and the Vancouver Canucks came all the way back to beat the Nashville Predators 4-3 in Game 4 of their first-round playoff series on Sunday.
The Canada Revenue Agency (CRA) announced Thursday it will not require "bare trust" reporting from Canadians that it introduced for the 2024 tax season, just four days before the April 2 deadline.
The new reporting required applicable trusts to file a T3 return, naming beneficiaries and trustees on the file.
"In recognition that the new reporting requirements for bare trusts have had an unintended impact on Canadians, the CRA will not require bare trusts to file a T3 Income Tax and Information Return (T3 return) … for the 2023 tax year, unless the CRA makes a direct request for these filings," the CRA said in a statement.
Caitlin Butler, a Vancouver-based tax specialist and director of tax education and publications at Video Tax News, told CTV News in January the expansion of trust reporting rules is a big change that will affect many taxpayers.
"These changes will impact many individuals and businesses, many of whom may not even realize they should file a trust return," Butler said in an email to CTVNews.ca.
She said required reporting has been expanded to include situations where a trust acts as an agent for its beneficiaries, often referred to as a bare trust.
"In plain English, this occurs when the person on title or holding the asset is not the true beneficial owner but rather holds the asset for the benefit of another party," she said.
Examples include if a parent is on title of a child's home – without the parent having beneficial ownership – to help the child obtain a mortgage, or a corporate bank account is opened by the shareholders with the corporation being the beneficial owner of the funds.
The CRA said over the coming months, it will work with the Department of Finance to "further clarify its guidance on this filing requirement."
The CRA also said it will communicate with Canadians as further information becomes available.
With files from CTV News' Christl Dabu
Elias Lindholm scored 1:02 into overtime and the Vancouver Canucks came all the way back to beat the Nashville Predators 4-3 in Game 4 of their first-round playoff series on Sunday.
Three women diagnosed with HIV after getting 'vampire facial' procedures at an unlicensed medical spa are believed to be the first documented cases of people contracting the virus through a cosmetic procedure using needles.
All 79 locations of pharmacy and retail chain London Drugs are shut down Sunday, and there is no estimate on when they will be back open.
One person was killed in a six-vehicle crash on Highway 400 in Innisfil Friday evening.
Aerial photos posted by Chinese state media on Sunday showed wide devastation in part of the southern city of Guangzhou after a tornado swept through the day before, killing five people, injuring dozens others and damaging more than 140 buildings.
Ontario is introducing a suite of measures that will crack down on cellphone use and vaping in schools.
Australia's Prime Minister Anthony Albanese on Monday described domestic violence as a 'national crisis' after thousands rallied around the country against violence toward women.
Rookie goalie Arturs Silovs will start in net for the Vancouver Canucks when they face the Nashville Predators in Game 4 of their first-round playoff series Sunday.
U.S. intelligence officials have determined that Russian President Vladimir Putin likely didn't order the death of imprisoned opposition leader Alexei Navalny in February, according to an official familiar with the determination.
The lawyer for a residential school survivor leading a proposed class-action defamation lawsuit against the Catholic Church over residential schools says the court action is a last resort.
Raneem, 10, lives with a neurological condition and liver disease and needs Cholbam, a medication, for a longer and healthier life.
As if a 4-0 Edmonton Oilers lead in Game 1 of their playoff series with the Los Angeles Kings wasn't good enough, what was announced at Rogers Place during the next TV timeout nearly blew the roof off the downtown arena.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.