And new UHT guidance from the CRA  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 
Saturday, March 16, 2024

In this week's edition

CRA offers relief on bare trusts, again

Estate planning for pets

Rep banned after acting as client's PoA, executor

Oh my! What to do about sticker shock

If your clients have bare trusts, they can breathe a sigh of relief. The CRA announced this week that it will not impose gross negligence penalties on taxpayers who fail to file a return for a bare trust on time except in “the most egregious cases” for 2023, the first year in which new expanded trust reporting rules apply. Rudy Mezzetta, who’s been following this file since 2018, tells you what you need to know. Bonus: here’s a “client-friendly” version you can send to affected households in your book from our Advisor to Client section.

Also this week, the CRA updated its guidance on the underused housing tax, even though proposed changes to the UHT remain unenacted. Rudy dove into that as well.

Who will take care of your cuddly, domesticated tiger after you’re gone? Best to designate that in your will, say estate lawyers and financial advisors. Even though your pet is part of the family, that’s not the way Ontario law sees it. Michael McKiernan reports.

A former mutual fund rep has been fined and permanently banned for conflicts of interest, including accepting appointments as power of attorney and executor of a client’s estate. The rep also misled her dealer about the conflicts, which a CIRO hearing panel said was “fundamentally dishonest and inhibits the [dealer’s] supervisory function.” James Langton reports.

The Magic Number
$11M
That's the average direct compensation for the Big Six CEOs last year, even though all but one missed their performance targets.

If clients balk when they get a bill for financial planning — or when they see their CRM2 summary cost report — one way to manage sticker shock is by reframing the client’s understanding of the service you provide. Allan Janssen talks to some coaches about overcoming objections.

Melissa Shin
EDITORIAL DIRECTOR
Melissa has been with Advisor.ca since 2011 and leads Newcom Media Inc.’s group of financial publications.
 

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