Accountants and their clients may have spent almost $1-billion trying to comply with controversial new reporting rules for bare trusts before theannounced a last-minute decision not to enforce them for the 2023 tax year, a survey of Canadian accounting firms suggests.
“This number is an indication of just how large the impact is of not getting it right the first time,” he said. “Politicians should be wary of pushing things through too quickly, because the costs are real and they are large.” . Those costs will likely be borne by both accounting firms and clients, with tax preparers charging or absorbing unbilled fees to varying degrees, Mr. Devaney said.
Mr. Devaney described his effort as a first step in estimating the aggregate cost of compliance, which he said is important to do in order to draw attention to the consequences of implementing half-baked tax legislation.
Trust Survey Cost Number Tax Time Trusts Devaney CRA Ottawa Canada
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