On March 28th, 2024 the CRA announced that Bare Trusts are exempt from the new trust reporting requirements for the 2023 Tax Year.

While on its face this may come as a relief, the announcement has created a significant amount of frustration with taxpayers and their professional advisors.

In this video, Mark Walhout, CFP® explains the announcement from the CRA, the impact on taxpayers who may have had a bare trust reporting requirement, and the reasons why he thinks the government needs to make changes to the way that they roll out new tax policy to avoid more frustration for taxpayers in the future.