Andrew C. Bateman & Brett Anderson, Partners at Felesky Flynn, LLP, Calgary

New reporting rules are proposed to come into effect for many trusts, starting with those having taxation years ending Dec 31, 2021.  Such trusts will now be required to disclose personal information concerning their settlors, trustees, beneficiaries and other persons that can exert control over the trusts (such as protectors).

These new rules create an increased risk of personal liability for trustees.

Certain trusts will want to take action before the end of the year to proactively address these new trust reporting rules.

Andrew C. Bateman:  Andrew’s practice covers a broad spectrum of taxation law, including diverse areas such as public and private corporation transactions, family law tax issues, tax dispute resolution and litigation, trust and estate taxation, First Nation taxation and goods and services tax.

Brett Anderson:  With extensive tax law experience, Brett, a co-managing partner in Calgary, specializes in corporate tax planning, focusing on public reorganizations, mergers, acquisitions, international tax and dispute resolution.