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in todays video were diving into some big changes that are on the horizon for many Canadians especially those with joint accounts with their parents were talking about new tax reporting obligations that might just catch you off guard if youre not prepared starting in 2024 if youre part of whats called a trust and this includes be trusts which can be as simple as having your name on a parents house or bank account youll need to file a T3 trust income tax and information return each year this isnt just paperwork its going to come with its share of costs for accounting and possibly legal advice now you might be wondering what exactly is a be trust and why does it matter to me a be trust comes into play when you despite not having day-to-day control are listed on titles or accounts typically to simplify future transfers or assist with transactions it sounds Innocent but carries Hefty new responsibilities the tricky part be trusts dont always come with official paperwork indicatin
