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Sunil and Nita LLP, Chartered Professional Accountants, is a full service accounting firm in Oakville area providing personal/corporate tax, accounting, business advisory and bookkeeping services. We are a trusted name. Our strength is accurate work and building long-term relationships. We take time to know you and your business. We customize solutions to meet your business needs. Our goal is to take care of all your accounting and tax matters so that you have full attention to grow your business. We are affordable and accessible whenever you need us. As Chartered Professional Accountants, we go beyond analyzing numbers and find opportunities behind them for your business. We are not only just another accounting firm, but also a valued business partner. Our “Strengths Behind Numbers ™” business statement guarantees accurate results and a higher standard to ethical business practices.
Our individual tax preparation services are designed to help you file your taxes accurately and on time. We work with you to ensure that you're taking advantage of all available tax benefits and deductions, helping you maximize your savings.
Our business tax preparation services ensure that your taxes are filed accurately and in a timely manner. We work with businesses of all sizes and types, helping you navigate complex tax laws and regulations to minimize your tax liabilities.
Our tax planning and consulting services help you identify opportunities to reduce your tax liabilities and optimize your tax strategy. We can help you navigate complex tax laws and regulations to ensure that you're taking advantage of all available tax benefits.
If you're facing an CRA audit or other tax-related issue, we can help. Our team has extensive experience representing individuals and businesses in front of the CRA and can help you navigate the process with confidence.
We prepare Financial Statements in accordance with the Canadian Generally Accepted Accounting Principles and help you understand what numbers are telling you. Your financial institution determines the financial health of your business based on accurate Financial Statement and accordingly makes lending decisions.
Our bookkeeping and accounting services help you stay organized and on top of your finances. We provide comprehensive financial reporting and analysis, giving you the insights you need to make informed decisions
We will guide through your accounting and tax work with expert knowledge and keep you up to date with changing tax rules and regulations impacting your business. Here are reasons for choosing us as your trusted accountant:
Feb 29, 2024
April 2, 2024
Controlled Private corporation with year end December 31, 2023, and the
corporation claim the small business deduction for current or previous tax year.
For other corporation with December 31, 2023, year-end, the taxes are due on
February 29, 2024 (i.e. two months after the year-end)
April 2, 2024
April 30, 2024
Housing Tax (UHT) to file their returns and pay any tax owing for the 2022
returns and pay any tax owing for the 2023 calendar year.
June 15, 2024
December 31 year-end,
June 30, 2024
year-end is December 31.
1. All trusts, unless certain conditions are met, will be required to file an annual
T3 Return with the CRA.
2. Trusts that are required to file a T3 Return, other than listed trusts, generally
need to complete Schedule 15 in their annual T3 return to report beneficial
3. Bare trusts are subject to the new reporting rules.
You may have to file T3 return for the first time due to point number three (Bare
trust) above. Please reach out to us for more information.
What is Bare Trust?
Bare trusts are subject to the new trust reporting rules for tax years ending after
December 30, 2023. Accordingly, a bare trust is required to file a T3 Return
annually unless specific conditions are met. A bare trust is also required to
complete Schedule 15 annually, unless it is a listed trust.
The term "bare trust" is not defined in the Income Tax Act. However, a bare trust
for income tax purposes is a trust arrangement under which the trustee can
reasonably be considered to act as agent for all the beneficiaries under the trust
with respect to all dealings with all of the trust's property.
A trustee can reasonably be considered to act as agent for a beneficiary when
the trustee has no significant powers or responsibilities, the trustee can take no
action without instructions from that beneficiary and the trustee’s only function
is to hold legal title to the property. In order for the trustee to be considered as
the agent for all the beneficiaries of a trust, it would generally be necessary for
the trust to consult and take instructions from each and every beneficiary with
respect to all dealings with all of the trust property. A bare trust agreement
exists when the legal title holder is separate from the beneficial owner.
Below are few examples:
• You co-signed your kids (or anyone) home mortgage loan,
• A parent adds adult children to the title of their property for probate planning
• Holding legal title on behalf of joint venture or partnership
• Gifting to minor child
Additionally, you may be subject to T3 return if you filed UHT (underused
Housing Tax) return as an individual.
What is a listed trust?
There is a long list of listed trust which can be found on CRA web site. Following
examples may apply to you:
(a) a trust that has been in existence for less than three months at the end of the
(b) a trust that hold assets with a total fair market value that does not exceed
$50,000 throughout the year, if the only assets held by the trust throughout the
year are one or more of
(i) money (note that money does not include collectible gold or silver coins, or
gold or silver bars),
(ii) a debt obligation described in paragraph (a) of the definition "fully exempt
interest" in subsection 212(3),
(iii) a share, debt obligation, or right listed on a designated stock exchange,
(iv) a share of the capital stock of a mutual fund corporation,
(v) a unit of a mutual fund trust,
(vi) an interest in a related segregated fund (within the meaning assigned by
paragraph 138.1(1)(a) of the Income Tax Act, and
(vii) an interest, as a beneficiary under a trust, that is listed on a designated
Due date & Penalty for non-compliance
The deadline to file your T3 trust income tax and information return is 90 days
after your year-end.
If a person knowingly or under circumstances amounting to gross negligence
makes, — or participates in, assents to or acquiesces in, the making of — a
false statement or omission on a return required to be filed, or fails to file a
return, a new penalty may apply.
This penalty will be the greater of $2,500 and 5% of the highest amount of the
fair market value of all the property held by the trust at any time in the year.
(source: CRA web site)
Information contained and accessed on this site (the “Site”) provided by the Sunil and Nita LLP is for general guidance and is intended to offer the user general information of interest. The information provided is not intended to replace, serve or substitute for any advisory, tax or other professional advice, consultation or service.
For more info, call 905 491 6843