Share a joint account with a parent? This new tax rule could apply to you
If you share a bank account with a parent or relative, you may have to file a T3 return this tax season. That’s because a joint account may be considered a “bare trust.” According to new CRA trust reporting rules, these trusts are now required to file a return. Nicole Ewing, Director, Tax and Estate Planning, TD Wealth, joins Kim Parlee to provide more clarity on this issue.