Joint title situations & bare trust rules - NEW for 2023+

Common situations such as where a person is put on joint title to a property or bank account for probate purposes, or to help a child get a mortgage, now fall under new reporting rules. A T3 Trust tax return is required to be filed 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 cannot use the money in the bank account). Penalties for not filing max out a $2,500/year.