Author Segal LLP

Reporting Requirements for Trust – 2021 Filings

CRA recently sent some clarifications on the new 2021 reporting requirements for Trusts which would normally be due by March 31, 2022. The reporting only applies to Express Trusts.

1. What is an express trust?

An express trust is generally a trust created with the settlor’s express intent, usually made in writing (as opposed to a resulting or constructive trust, or certain trusts deemed to arise under the provision of a statute).

The Exceptions are:

  • Trusts that have been in existence for less than three months
  • Certain regulated trusts, such as a lawyer’s general trust account
  • Trusts that qualify as non-profit organizations or registered charities
  • Mutual fund trusts, segregated funds, and master trusts
  • Graduated rate estates
  • Qualified disability trusts
  • Employee life and health trusts
  • Certain government funded trusts
  • Trusts under or governed by certain registered plans
  • Cemetery care trusts and trusts governed by eligible funeral arrangements

2. What additional information will have to be provided?

For 2021 and subsequent taxation years, Budget 2018 proposes that all non-resident trusts that currently have to file a T3 return and all express trusts that are resident in Canada, with some exceptions, report the identity, address, birth date and identification number (SIN or Foreign ID) of :

  • trustees,
  • beneficiaries
  • settlors of the trust
  • each person who has the ability (through the trust terms or a related agreement) to exert control or override trustee decisions over the appointment of income or capital of the trust (e.g., a protector)

3. How will the trust provide the additional information?

A trust will have to file a new schedule with its T3 return to report the additional information regarding its beneficial owners, that is, the identity of all trustees, beneficiaries and the settlors of the trust, along with each person who has the ability (through the trust terms or a related agreement), to exert control or override trustee decisions over the appointment of income or capital of the trust (e.g., a protector).

Further information about the new schedule will be posted on Canada.ca when it is available.

4. If the trust has no income to report, can the trust just report the additional beneficial ownership information by filing the new schedule?

No, for 2021 and subsequent taxation years, the trust will have to report the additional information by filing the new schedule along with the T3 return.

5. What happens if a trust fails to file the T3 return or forgets to provide the additional information?

For 2021 and subsequent taxation years, Budget 2018 proposes that a penalty will apply if a trust that has to file a T3 return fails to do so or fails to provide the additional information about the beneficial ownership.

The penalty will be equal to $25 for each day of delinquency, with a minimum penalty of $100 and a maximum penalty of $2,500. If a failure to file the return was made knowingly, or due to gross negligence, an additional penalty will apply. The additional penalty will be equal to 5% of the maximum value of property held during the relevant year by the trust, with a minimum penalty of $2,500. As well, existing penalties in respect of the T3 return will continue to apply.

Please contact a Segal representative if you have any questions.

Tax Manager

Segal LLP is a rapidly growing mid-size accounting, tax and business advisory firm headquartered in midtown Toronto. Segal is committed to growth by investing in our team, providing continuous learning and a positive, supportive entrepreneurial work environment all with a focus on providing clients best in class client service.

As a member of our Tax Team, you will advise our clients by contributing to strategic tax planning and client management initiatives. As Manager, you’ll work as part of a team to collaborate, design, and solve complex business issues from strategy to execution.

Responsibilities

  • Participate in income tax planning engagements
  • Prepare and/or review tax planning memos including reorganizations, estate planning, cross border structures
  • Prepare detailed tax analysis on tax issues
  • Review complete corporate, personal, trust and partnership returns
  • Work with both the tax group partners and accounting/auditing group partners
  • Work efficiently and effectively within client engagement parameters and prioritize and balance multiple files
  • Supervise a team, delegate tasks, and promote teamwork
  • Mentor, train, and delegate work to junior team members in the Tax team.
  • Participate in the training of staff to support their growth, knowledge, and professional development.

Qualifications

  • CPA designation.
  • Completion of CPA Canada In Depth Tax Course or Master of Taxation is required
  • Demonstrated experience in tax and estate planning for business owners or high net worth individuals
  • Strong technical background in Canadian income tax; experience with corporate tax return preparation and review, tax research, and drafting letters would be considered an asset
  • Ability to prepare effective research and planning memos independently and as part of a team.
  • Can work under pressure, be decisive, exercise good judgment and common sense
  • Working proficiency in Microsoft Suite including Word, Excel, PowerPoint, is essential.
  • Experience with Caseware and TaxPrep (or similar tax preparation software) is expected.
  • Ability to recognize and analyze problems, propose sound alternatives and conclusions
  • Strong interpersonal and relationship building skills and a demonstrated ability to develop and nurture strong relationships with clients
  • Excellent verbal and written communication skills
  • Team player with a positive ‘can do’ approach.
  • Creative problem-solving ability.
  • Organized and able to meet multiple project deadlines while being detail oriented.
  • Strong commitment to professional client service excellence

This position represents a significant opportunity for those looking to advance their career by playing a major role in a growing organization, and who have the curiosity and interest in exposure to a broad range of clients, industries, and assignments.

To submit your resume for this position, please contact us by email here.

Tax Compliance Administrator

Segal LLP is a rapidly growing mid-size accounting, tax and business advisory firm situated in midtown Toronto. Segal is committed to growth by investing in our team, providing continuous learning and a positive, supportive work environment all with a focus on providing clients best in class client service.

The Tax Compliance Administrator is responsible to coordinate and support client service and the tax compliance workflow. This role reports to the Tax partners, partners and principals of the firm.

Responsibilities

  • Respond to Pre-assessment, Post-assessment and matching letters received from CRA for client personal tax return support.
  • Make calls to government or online verification on authorized accounts for corporate and personal tax clients.
  • Establish business accounts for clients, generating a business number with CRA including opening HST/GST and payroll accounts as necessary.
  • Remit authorization and consent forms to CRA electronically and by mail.
  • Create or update client payroll schedules; filing GST Returns online
  • Administer CRA and ROE portals including onboarding clients and team members.
  • Contact and follow up with clients regarding tax filings and enquiries.
  • Prepare tax correspondence as required.
  • Generate and efile T4/T5/NR4 forms; prepare client cover letters and archive in the Firm’s document management system.
  • Tracking of all correspondence and archive to the Firm’s document management system.
  • Scan client documents, as needed.
  • Efile and Assemble Individual Tax Returns

Qualifications

  • Minimum of 1 year of relevant experience working in a public accounting firm.
  • Graduate of an Office Administration Program, or the equivalent combination of education and/or related experience.
  • Familiarity with CRA’s portals would be a strong asset.
  • Demonstrated ability to learn.
  • Advanced knowledge of Microsoft Office software including Word, Excel, and PowerPoint. Experience creating charts and diagrams with Visio an asset.
  • Strong written and verbal communication skills, including spelling, grammatical and proof-reading ability.
  • Superior organization and time management skills.
  • Good judgement and analytical skills, with a focus on attention to detail.
  • Excellent interpersonal skills and demonstrated ability to effectively work with others by sharing information and providing peers with assistance as needed.
  • Experience working with professionals in a fast-paced environment, with tight deadlines.
  • Flexible and able to work overtime during peak periods.
  • Strives to deliver an exceptional client service experience.

If you require an accommodation, as a part of the recruitment process, please contact us directly at hr@segalllp.com. Thank you for your interest in joining the team at Segal!

To submit your resume for this position, please contact us by email here.

Financial Analyst

Segal LLP is a rapidly growing mid-size accounting, tax and business and transaction advisory firm situated in midtown Toronto. Segal is committed to growth by investing in our team, providing continuous learning and a positive, supportive work environment all with a focus on providing clients best in class client service.

This position represents a significant opportunity for those looking to advance their career by playing a major role in a growing organization. In this role you will be able to contribute towards the finance team internally, as well as work with clients, in collaboration with colleagues from the tax, accounting, and business advisory teams.

Responsibilities

  • Perform financial and business analysis based on large sets of data, company presentations, and from participation in client meetings.
  • Analyze financial data and build reports that identify business risks and opportunities for improvement to senior management and Partners.
  • Working with the Partners and CFO to conduct financial due diligence reporting, including the preparation of request lists and arranging data rooms (as applicable).
  • Reading and understanding industry reports and financial data as they pertain to client engagements.
  • Create various month-end financial, statistical, and ad-hoc reports.
  • Ensure mathematical accuracy of models, in terms of consistency of formulas and links
  • Provide support for the annual budgeting process
  • Prepare working papers and participate in financial audits.
  • Miscellaneous projects involving data management and historical data.

Qualifications

  • Strong analytical and problem-solving skills, with the ability to gather, organize and report information.
  • University degree with major in accounting, finance, business management or related field.
  • Minimum of 3 years of financial analysis/accounting work experience.
  • Accounting designation such as CPA or CFA is a strong asset.

What will set you apart:

  • Working proficiency in Office 365 including Word, Excel, PowerPoint, and Teams is essential.
  • Familiarity with various data room services
  • Be a self-starter and possess effective written/verbal communication skills and strong analytical and research skills.
  • Be organized and able to meet multiple project deadlines while being detail oriented.
  • Be collaborative, demonstrate a team-player mindset and strive to deliver an exceptional client service experience.
  • Prior experience working in a professional services environment is preferred.

Thank you for your interest in the role and our Firm. Please note that only short-listed candidates will be contacted for an interview.

To submit your resume for this position, please contact us by email here.

Manager, Enterprise

Segal LLP is a rapidly growing mid-size accounting, tax and business advisory firm situated in midtown Toronto. Segal is committed to growth by investing in our team, providing continuous learning and a positive, supportive work environment all with a focus on providing clients best in class client service.

This position represents a significant opportunity for those looking to advance their career by playing a major role in a growing organization. As the Manager on Segal’s Enterprise team, you will focus on supporting entrepreneurial business owners in a diverse range of industries.

Responsibilities

  • In consultation with partners and the teams, plan, manage and execute non-assurance engagements.
  • Review non-assurance engagements for private clients to ensure that relevant professional standards are met.
  • Plan, manage and participate in performing Notice to Reader, Review engagement, bookkeeping and accounting, financial statement preparations, preparation of corporate and personal tax returns and HST Return preparation.
  • Monitor multiple projects and deadlines.
  • Supervise small engagement teams and review the teams’ work.
  • Build and nurture strong working relationships with clients, peers and team.
  • Develop people by encouraging continuous learning, delegating effectively and supporting the team to take ownership and accountability to clients and their colleagues. Leads by example.
  • Delegate effectively and contributes to a motivated and empowered work team. Shares and transfers knowledge within the team.
  • Develop an understanding of the client’s industry and opportunities, issues and trends that impact their market or sector.
  • Generate new business opportunities.

Qualifications

  • A Canadian CPA designation.
  • Minimum of 5 years of relevant experience in a public accounting firm, with at least 1 year at the management level.
  • Strong accounting and tax skills, general ledger, cash receipts, cash disbursements, investment company accounting and Canadian personal and corporate tax.
  • Proficient in Microsoft Office and QuickBooks Online. Knowledge of Taxprep and CaseWare is an asset.
  • Advanced written and verbal communication skills.
  • Excellent project management and organizational skills.
  • The ability to lead, coach, motivate and direct a team of people.
  • Team player with a positive perspective and approach.
  • Creative problem solving and experience in delivery of quality client service.

To submit your resume for this position, please contact us by email here.