An Absolute Embarrassment | CRA's Last-Minute Flipflop in Bare Trust Reporting
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- čas přidán 31. 03. 2024
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In this episode, we look at the disrespect shown by the Canada Revenue Agency's last-minute change in bare trust reporting requirements. After months of preparation, the CRA's abrupt reversal has left accountants and taxpayers frustrated, highlighting a major policy mishap.
Also in this episode:
📉 Trump Media's stock plunges 25% after a reported net loss of $58.2 million for 2023, revealing financial struggles despite a high market valuation.
🤝 Disney and Governor DeSantis end their heated legal battle with a settlement, marking a new chapter for both parties in Florida.
💼 BCE Inc. awards millions in bonuses to top executives amid missing financial targets and announcing job cuts, raising questions about compensation practices.
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this government as a whole is a damn embarrassment and im honestly sick of paying the taxes i pay to fund this crap
As an unhappy BCE shareholder, I am NOT liking these excessive executive payouts.
I haven’t dealt with an organization more incompetent than the CRA. Talking to agents on the phone is like talking to elementary students.
Wow. I’m not surprised of the cancellation of trust. Anything can happen here. Embarrassing.
Thanks Marc for the update.
...at least they flip flopped the right way..a slim silver lining at best.
Agree hot mess cancelling at last minute…embarrassing for the government……
Cost me personally re bare trust….. not accountants fault …. Lets hope cra uses common sense moving forward on the bare trust front
CRA does not write the law. Be mad at the department of finance.
All good the carbon tax will make up for it
Same with underused housing last year, waste of time and money. Zero respect for citizens.
Disrespect for accountants too in the middle of their stressful tax season 🥺🥺😡😡
Maybe cra will pay our accountants bills 😉 re bare trust …done for nothing
My taxes literally cost $600 more than they should have. Like an idiot I dropped my taxes off to an accountant just days before the flip flop.
It wasn’t done for nothing they got information that was voluntary disclosed
Thank you Marc for these reports.
My Dad co-signed a mortgage for his son. Does not pay the mortgage, did not pay the down payment. Is on mortgage as a guarantor. Is on title. Has spent $1200 this year on accounting and hassle related to the bare trust.
Affected people should gather together and sue
From my understanding a Gurantor is not considered as being in a Bare Trust but the fact that his name is on the title may make it so. Totally confusing almost 100 page guide to filing that is full of accounting descriptions. There should be no need to file a trust return for simply cosigning a mortgage to get your kids into the housing market. How else are they going to get in with prices where they are now. Total government overreach and waste of our dollars for both the person filing and for CRA ( who should have better things to do)
The federal government is out of control, IMO. On many levels. This is just one more example.
@@evadeanu1 absolutely!
Thank Trudolf
Thanks for the new video!
❤❤❤❤❤❤❤❤thanks a lot
I wonder if the DIS DeSantos cease fire will impact the stock price? I'm betting yes...
How are they not telling us if we need to file T3 in the current year that its for? Like are we going to need to file next year?
Agree but there was never a rush or deadline for 2023 . They had waived penalties
The federal government is out of control. That's my personal conclusion.
A great deal of clarification is required for this new bare trust reporting. I can't even get a straight answer from my bank let alone tax preparers - no one seems to really know what this is about and what to do. What a joke! You're afraid of tax evasion from us little schmos - what about the tax evasion of the rich (who can have sheltered estates) and their shell companies. Whatever happened in relation to the Panama papers?? True tax evasion which probably includes some of our very own government officials!! God I'm so sick of government - all levels, all parties!!
It will be interesting to see how DJT does now that it is out for the market to assess against it's peers.
It'll sink like a lead submarine. There's no path to profitability.
That's our government! Very excited to get to a federal vote.... Life long NDP and I see the light and am absolutely voting Polievre
LOL