Understanding Tax Reporting Rules for Co-Signed Mortgages: A Guide for Parents
- Keith&Jacqueline
- Mar 21, 2024
- 1 min read
Did you co-sign for your child's mortgage? Or do you have a joint bank account with your minor or adult child?
New tax rules for bare trusts have come into effect for the 2023 tax year, and it's important that you speak to your Accountant about this.
The deadline to file is April 2nd, 2024.
If you fall under the following categories, you may be required to file a T3 tax return for bare trusts this year:
a parent who co-signed for child's mortgage and are on title
a parent or grandparent who has an account for a minor child or grandchild
an adult child with joint ownership of their parent’s bank account, investments, or real estate for estate planning purposes
Again, your best guidance and instruction for these new tax return filing requirements will be from an Accountant. Please be sure to consult a professional at your earliest convenience.
Keith Baker | kpbaker@shaw.ca | 604.723.5363
Jackie Zerbe | jacqueline@totalmortgage.ca | 604.724.6982