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Should people still complete these schedules if they feel they aren't in a true bare trust arrangement but fear the penalties from CRA more? Should people try and mitigate things by splitting their investment accounts to ensure each has less than 250K in them. My mother and I are unique in that we still live together because we're both single and I don't have any other siblings or children. We are also both disabled. Decades ago, my mother gifted me her money, and I invested it jointly. I was also given an insurance settlement and invested it jointly. I pay all the taxes, but my mother has full discretion and access to the account to access funds to pay for her or our joint household expenses. I obviously do, too. If you agree that we're not in a bare trust arrangement, are you able to, for a reasonable fee, provide an opinion letter we could rely on. A lawyer has already told us informally that there is no bare trust arrangement, but it would be reassuring to also hear it from a tax professional.

Good stuff! You're as geeky as me!

Aaron, Your enhancement analysis illustration for OAS deferral is very interesting and has helped to change my perception of OAS clawback. I suppose that by adding an inflation factor to both your "Floor" and "Ceiling" OAS numbers would provide even further insight into the potential income limits and ramifications. Using 2% inflation and a current 65 year old, by age 70 that Floor number would be approaching $100k. Thank you for sharing this excellent presentation.

Hi Aaron, Great video! I really like your OAS enhancement analysis. Is there any chance you could share your spreadsheet?

You definitely taught me something about the $2000 pension credit. I honestly had believed in the myth up until your video.

Loved the template. Was eagerly waiting for you to bring up the 'Goal Seek' function. Tried it myself on the spreadsheet and it works well. Thanks again, Aaron.

Hi Aaron, Brilliant calculator, numbers help me learn better and faster. Glad I attended your session at FP Canada Conference and learned about this channel. I have two questions about the video: 1. I am looking for the note to "**" - would it be one mentioning that the Clawback Ceiling is assumed to be increasing at Inflation rate? 2. This calculator seems to hold true for the period Oct-Dec 2024. How would you keep a track of previous (history) ones?

Thanks Aaron. The calculations become more complex when income splitting and mandatory RRIF withdrawals begin at 71/72. It’s important to remind oneself that if this is your calculus then you are in the top 8%. No complaining!!

Great job on this Aaron. Phenomenal resource for clients when they call in to question their remittances.

Awesome video, Aaron! This is a complicated topic and so many people default to paying whatever is requested, triggering additional taxes when raising funds to make their payments.

hey Aaron thank you kindly for this overview and the spreadsheet. Is there a way to get a version with the cells unlocked? the nerd in me would love to see the calculations.

Thank you for making this. I haven't seen a clear explanation of installments like this before and it was very helpful to me.

This is great and just in time for the Sept 15 instalment. I've always just followed the no-calculation option in the past because I was afraid of figuring out the other options wrong and incurring interest. This year CRA processed my return late and was still using my 2022 (not 2023) tax owing numbers for my no-calculation option so it was all weird. Your explanation of how everything works is super helpful especially the "catch-up" in my case!

Thanks Aaron. This is helpful. I have been following you on X, great content and appreciate your info.

informative, ty

Thanks for sharing Aaron

Great stuff, thanks.

Why the settlors and the beneficiary are the same person? Shouldn't kids be the beneficiary?

Great video and guide. You saved my day. Thank you so much

New CRA announcement...Bare Trusts are exempt for 2023.

Hey everybody, it looks like our beloved Government figured out that this new requirement around bare trusts will be a headache for everybody and has pulled back its requirements. Much like anything this government does - without any planning or care for impact on others - they need to reverse their plans (at least for 2023) - here is the link: www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2024/bare-trusts-exempt-from-trust-reporting-requirements-2023.html?rss Great video by the way Aaron, best video on this topic I have found so far. Appreciate the hard work! And one more thing TRUDEAU MUST GO!!!

Great video explaining the nitty gritties! Wish I had seen this last week, and I’d have saved a couple days of my time! BTW, I hope you can help with a couple questions. So, my parents have a bank account and use its funds to buy GICs. Will I need to file one or three separate T3RETs? I was added to their account more than twenty years ago, and have no clues whatsoever what the trust creation date was. Can I just make one up? Thanks!

Very good video and explanation of the process. Hopefully CRA will offer an on-line submission capability in future years.

When I save the pdf, it asked me for the password (I did not setup) to open it again? What’s going on? Anyone else get this? What’s the use if not re-readable?

hi. would the trust not be considered an inter vivo trust because the settlor is still living? My understanding is that even for a bare trust you would indicate the date the bank account was open (or act trustee was added).

This is so helpful and exactly what I was looking for. My situation is exactly the same as your example. My sister and I are joint on my fathers account. Do we both have to register separate trust account numbers and each fill out our own T3 and schedule 15?

Thank you for the very helpful video! I think you left out the date of the bare trust creation. Would the date be written in the "Inter Vivos Trust" section of the T3, even though the context is bare trust?

This video is ACTUALLY very useful. Thanks for having the foresight for doing this, and for explaining AND providing context throughout. It's brilliant!

Excellent tutorial, Aaron! Wonder if you can do one for UHT since affected owner of two properties on Title with Mom and siblings. Thank you so much!!!

Amazing, Aaron! Very clear step by step. Thank you! I called CRA, waited an hour, the agent had no idea and my call was disconnected.

This was so easy to follow. Appreciate you making this video!

I’m sorry but you’ve made this even more confusing for me

Great video! 😊

Thank you for an excellent video

If there are multiple accounts, do we need separate trust numbers?

Thank you so much. This is so helpful and clear, as the information on CRA site is intimidating!❤

Thank you for your video. Is bare trust belong to Inter Vivos Trust? Should we fill out the date the trust was created on page 2?

Thank you. In a situation where a parent co-signs a mortgage for an adult child and both end up as owners on the title (legal owners; co-trustees), and only the child resides at the property (and pays all the associated costs; beneficial owner), it is not clear to me why a Settlor is required. Assuming the Settlor is a person that has made a loan or transfer of property, either directly or indirectly, for the benefit of the trust? Who would the Settlor be in this situation? There also doesn't appear to be a controlling person in my example. Thanks.

I assume that the address of the settlor and the beneficiary should be identical and that the beneficiary's address is a simple mistake. ??

This is just what I needed! I just found out about this new reporting requirement and was in a state of panic before I found your video. Thank you so much! One question - Does it matter who applies for the trust number? Would it typically be one of the trustee (son) or John in the case of your example?

Very informative