tax-filing mess of earlier this year, it’s the realization for many people that they have to up their game in estate planning. Choices like adding an adult child to a bank or investment account are a practical way to help seniors manage their finances, but there may be unintended consequences.
A: Why the CRA expanded the requirement to file T3 trust forms to include bare trusts was understandable – some people don’t pay their taxes. How it was introduced – poorly timed, unclear, overcomplicated – was not. And while bare trusts have been exempted from trust reporting requirements for 2023 , this is only a delay.
A: Both can be good options and both can come with downsides – the risk of adult children withdrawing money for themselves or ignoring the grantor’s wishes, although the extent of both a POA and the amount held in a joint account are good safety rails. Also, it’s possible and can be practical to both grant a POA for larger assets and establish a joint account for expediency.
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