Joint title situations & bare trust rules - NEW CHANGES PENDING

Common situations, such as where a person is put on joint title to a property or bank account for probate purposes, may now fall under new reporting rules. A T3 Trust tax return may be required to be filed annually for such bare trust arrangements. These rules catch any situation where a legal owner on title is not one of the beneficial owners of the property (ie. would not get any of the sales proceeds if it were to sell or does not actually own the money in the bank account). Penalties for not filing max out a $2,500/year.