Finance Minister, Chrystia Freeland, tabled the Liberal government’s 2024 Federal Budget in the House of Commons on April 16, 2024. The 2024 Federal Budget Review was written by BMO’s in-house tax professionals and provides an overview of the most significant income tax measures announced in this year’s Budget affecting Canadian individuals and private companies.
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Trusts are powerful instruments in tax and estate planning. Broadly speaking, a trust is a relationship between a settlor and a trustee1 in which the trustee holds property transferred by the settlor for the benefit of beneficiaries, specified by the settlor. Using this basic framework, a variety of arrangements are possible and significant planning objectives can be met. This article focuses on the tax reporting requirements for trusts, particularly, recent changes to these requirements for trust taxation years ending on, or after December 31, 2023.
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