It’s Here! New and Expanded T3 Trust Reporting!

New rules originally released in 2018 aimed at providing more transparency on beneficial ownership of assets now require more trusts and estates to file tax returns.

The new rules are broad and include cases where a trust acts as an agent for its beneficiaries. This structure is commonly referred to as a “bare trust”. There is however, no expansion or increase of the tax involved but there is a requirement to file a Trust Tax return in many situations where there was no prior requirement to.

Highlights of this newsletter include commentary on:

  • Does a bare trust arrangement exist,
  • Does a trust return need to be filed, and
  • What information must be disclosed?

Check out the full newsletter below, and please reach out for further information.

Expanded T3 Reporting Rules

2023 Personal Income Tax Season Has Arrived!

Personal Income Tax Season Has Arrived!

For new and existing personal income tax clients, here are some reminders and new information regarding GSE’s personal income tax preparation process.

  1. We continue to provide multiple methods to accommodate the receipt of your income tax documents in a secure and safe manner.

    a) Secure online Portal – Please upload supporting documents via our Secure client portal. We prefer PDF files and recommend the use of an app such as Microsoft Lens (available in your favourite app store) to help you convert image files to a PDF. When in doubt, submit what you have and we’ll reach out if the format is not compatible.

    OR

    b) ST. THOMAS – You may drop off supporting documents to the secure drop box at the South rear entry of the County of Elgin building, door closest to the loading dock. This drop-box is emptied daily and allows us to have fewer clients in our reception area. Alternatively, you may drop off supporting documents at either the County of Elgin reception located in the centre portion of the 1st floor or to the GSE reception located on the 2nd floor. The drop-off hours are 8:30 – 4:30 pm, Monday to Friday.

    OR

    c) AYLMER – You may drop off supporting documents to the secure drop box located directly outside of our regular main reception lobby door. This drop-box is emptied daily and allows us to have fewer clients in our reception area. If your item is too big for the drop-box, please enter the office and leave with reception. The drop-off hours are 8:30 – 5:00 pm, Monday to Friday.

  2. We have a new Document Library on our website. Here you will find the following documents:

    a) 2023 Personal Income Tax Return Checklist – please review this listing to determine if you are submitting all necessary documents to support your reported income, deductions and credits.

    b) T1 Returning Client Questions – Please complete these questions on an annual basis. Either print and drop them off with your personal taxes or upload your responses to the Portal. These questions help us to ensure we have accurate information about your current tax situation.

    c) T1 New Client Questions Form – We highly recommend this Form for new clients or returning clients with changing tax situations. Either print and drop it off with your personal taxes or upload your responses to the Portal.

    d) Final Return & Estate Checklist – If you are assisting with the final tax return for someone who has recently passed away, please complete and return this checklist. It outlines some of the additional information we will require.

    e) Authorization/Cancellation Request Form – For new clients to allow us to communicate with the Canada Revenue Agency on your behalf.

  3. How do I get my documents and personal tax return back?

    a) Once your tax return has been prepared and reviewed, you will receive a call indicating that your personal income taxes have been completed.

    b) If you have not already told us, we will ask if you would like it back electronically (via our Secure online portal) or a paper copy. Prior to us filing your return, we require a signature – this can be done either via Portal (using an electronic signature – DocuSign), via Portal (with a scanned upload of the signed document), via fax, via mail, via drop-box at our office, or it can be signed in-person at the time of pick-up.

As always, if you have any questions, please reach out to us at (519) 633-0700/ (519) 773-9265 or contact the individual you usually work with.

Happy tax filing!

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Tax Party 2023

On Monday May 1st, 2023, Graham Scott Enns LLP held its annual tax party to celebrate the end of personal tax season. The tax party was held at The Club House located at 100 Kellogg Lane in London, Ontario. Our Partners and staff enjoyed a delicious taco bar meal which was followed up by playing a variety of games including mini golf, bocce ball, ladder toss and cornhole. GSE is very thankful to all of our staff for all of their hard work during personal tax season!

 

Tax Deadline 2023

Friendly reminder that the filing deadline for personal taxes (individuals who are not self-employed) is May 1, 2023 and June 15, 2023 for self-employed individuals.  If you owe income taxes, payments are due on May 1, 2023.  While the filing deadline for self-employed individuals is June 15, 2023, income tax payments should be paid by May 1st, 2023 to avoid incurring interest on income tax balances that are owing.

 

Business as Usual

On April 19, 2023, the Public Service Alliance of Canada entered into a general strike. CRA services may be partially or fully disrupted, or they may not be disrupted at all. For more information about the strike and affected services, please see more information here: https://www.canada.ca/en/revenue-agency/corporate/about-canada-revenue-agency-cra/collective-bargaining/labour-disruptions-impact.html
During this time, services at Graham Scott Enns LLP will continue as usual. The tax deadline has not been extended past the May 1 deadline at this time. Our staff are working diligently to provide our clients with the services expected despite any challenges that we may encounter related to these disruptions.
If you have any questions or concerns regarding your personal taxes, please reach out to your accountant and we would be more than happy to help.

Additional Office Hours – Tax Season 2023

As we get closer to the end of personal tax season, we have added additional office hours to allow our clients to pick up returns or drop off information. In addition to our regular business hours, we will be open as follows:
Saturday April 22nd – 9:00 a.m. to 12:00 p.m.
Wednesday April 26th – open until 7:00 p.m.
Saturday April 29th – 9:00 a.m. to 12:00 p.m.