S14: CRA’s Bare Trust Costs Will Crush Families
If your name is on a property, bank account, or investment that actually belongs to someone else — this could cost your family thousands every year… even if you owe zero tax. Canada’s new “bare trust” rules are turning simple family help into an ongoing compliance burden.
Show Notes
If your name is on a property, bank account, or investment that actually belongs to someone else — this could cost your family thousands every year… even if you owe zero tax.
Canada’s new “bare trust” rules are turning simple family help into an ongoing compliance burden.
In this episode, we cover:
• What a bare trust really means in real-life situations
• How one family ends up with 3 separate filings — every single year
• The real cost of compliance (~$1,800/year in this case)
• The shocking penalty risk — up to 5% of asset value annually
• Why getting out of these arrangements isn’t as simple as it sounds
• Who this rule was meant for — and who it actually impacts
For many families, this isn’t tax planning — it’s just helping parents, siblings, or children.
And now, it comes with a price.
This is still not law — which means there is a small window to act. Sign the petition and share this with your family before this becomes reality.
Links:
🔗 Sign the Petition: https://c.org/jyDCM2v5tm
🔗 Download the MP Letter Template: https://theadvisorstable.com/wp-conte...
🔗 Find your MP: https://www.ourcommons.ca/members/en
🔗 Download the Bare Trust Agreement Checklist: https://theadvisorstable.com/cra-bare...
📥 Resources from this episode
Bare Trust Filing Checklist
A three-phase walkthrough to identify whether you're sitting on a bare trust under Canada's new reporting rules — with the exemptions, the 5%-of-property penalty math, and the specific T3 / Schedule 15 steps to take. For anyone whose name is on a family member's account or property.
MP Letter Template — Bare Trust Rules
A pre-written letter to your Member of Parliament asking them to oppose the bare-trust reporting penalties before Bill C-15 becomes law. Add your name, find your MP, send. No email required.
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