The Department of Finance released long-awaited draft legislation Friday concerning proposed changes to trust reporting rules and to the taxation of ETFs.The draft legislation also implements several tax proposals that were announced in the 2021 budget but not included in last year’s budget bill.

Under the draft legislation, expanded rules for reporting the beneficial ownership of certain trusts would apply to trusts with taxation years ending on Dec. 31, 2022 and after. The proposed reporting legislation compels trusts to reveal the identity of all trustees, beneficiaries and settlors, as well as the name of any person who can control the trust’s appointment of income or capital.

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Original Article Source Credits: ADVISOR'S EDGE, https://www.advisor.ca

Article Written By: Rudy Mezzetta

Original Article Posted on: February 7, 2022

Link to Original Article: https://www.advisor.ca/tax/tax-news/feds-release-draft-legislation-on-trust-reporting-etf-taxation