Bill C-32, the Fall Economic Statement Implementation Act, 2022, received Royal Assent. This bill amended the Income Tax Act to expand the filing requirements for trusts. The Canada Revenue Agency (CRA) understands that registered charities are seeking clarification on how these new requirements apply to internal trusts. CRA has released a pronouncement aimed to reassure organizations they do not need to prepare to file for next year, as the new reporting rules do not apply to registered charities.Read Full Gov of Canada Update – Filing requirements for charities administering internal trusts
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