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How your tax returns could be affected by CRA's bare trust debacle

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Many Canadians have already filed their taxes, but the Canada Revenue Agency (CRA) has now paused new reporting requirements for bare trusts, giving thousands an unnecessary bill.

It comes as the CRA tries to crack down on tax evasion and fraud, but experts say the bare trust requirement pause will not help.

Abigail Bimman explains what a bare trust is, why the CRA made the last-minute change, the fury from accountants and how it could affect your tax returns.

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Category
U.S. & Canada
Tags
global news, tax season, tax returns
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