The Canada Revenue Agency (CRA) has reversed its decision to require tax reporting for 'bare trusts' in the 2023 tax return, citing unintended impact on Canadians. The new regulations have been exempted just days before the deadline, following months of advice being ignored. This move comes after criticism of the CRA's disorganization and lack of capacity, with calls for new strategies to restore public trust in the Government of Canada.
CRA’s bare trust debacle undermines faith in government - here’s how to fix it https://t.co/jb2m97Fjpj
The bare trust debacle shows the CRA needs to learn to respect taxpayers https://t.co/Ry5N0hCE8L via @financialpost https://t.co/PV8QWOox5b
The bare trust debacle shows the CRA needs to learn to respect taxpayers https://t.co/Ry5N0hCE8L
Opinion: ‘Can someone inform me how to invoice the CRA for these unnecessary expenses?’ Reversal on bare trusts, plus other letters to the editor for March 31 https://t.co/XMbRMikOPb
CRA’s backtracking on bare trusts is too little and too late https://t.co/yQQDD6dwjr
CRA ignored advice for months about confusion and costs associated with including bare trusts only to reverse its decision the day before filings were due. Together with the UHT farce, this is the sound of complete disorganization & a government that has no capacity. https://t.co/VJybZOjh1L
Cabinet needs new “strategies” to restore public trust in Gov’t of Canada, says Access To Information memo. “There is growing evidence there has been an erosion of trust in democratic institutions.” — @Safety_Canada https://t.co/g2cRbLJyJp #cdnpoli https://t.co/SMsNrvx93r
CRA no longer requiring 'bare trust' reporting in 2023 tax return https://t.co/hRusB7kNrd
The Canada Revenue Agency is hitting pause on a new "bare trust" reporting requirement with just a few days remaining before the deadline. https://t.co/5fsbGkEksj
CRA reverses course, exempts bare trusts from new regulations https://t.co/Z7fKrf14KV https://t.co/DmGWfVPuds
After having an "unintended impact on Canadians," the CRA is now exempting bare trusts from tax reporting requirements this year. READ MORE: https://t.co/AS29WezbyG https://t.co/AS29WezbyG
CRA no longer requiring tax return for bare trusts this year https://t.co/A3687c6HIz https://t.co/hyRRLrxZBU