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Year-end Filing Tips for Real Estate Brokerages and Licensees
Are you working on your year-end filings? Here are some reminders and tips to ensure a smooth process.
Accountant’s Report
Upload your annual Accountant’s Report within 120 days after your brokerage’s fiscal year-end.
Two separate service requests will appear on your IRIS portal: one for the Accountant’s Report Form, and another for the Brokerage Financial Information Filing spreadsheet. Both are required as part of the Accountant’s Report. Late or incomplete filings may result in administrative penalties.
Please visit our Accountant’s Report webpage for the forms.
CRA Reversal on Bare Trust Filing
Canada Revenue Agency (“CRA”) announced that bare trusts are exempt from T3 filings for the 2023 tax year.
The press release stated:
“In recognition that the new reporting requirements for bare trusts have had an unintended impact on Canadians, the Canada Revenue Agency (CRA) will not require bare trusts to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust), for the 2023 tax year, unless the CRA makes a direct request for these filings.”
The CRA states it will work with the Department of Finance over the coming months to further clarify its guidance on this filing requirement.
Questions and Support
Please reach out to BCFSA’s Practice Standard Advisors if you have questions or need support at advisor@bcfsa.ca.
