With regard to the bare trust reporting requirements from which the government announced there would be an exemption for the 2023 tax year: (a) how was the $250,000 reporting requirement determined; (b) were any consultations held to determine the reporting requirement; (c) if the answer to (b) is affirmative, what groups were consulted, how many people or groups were consulted, and where did consultations take place; (d) what prompted the March 28, 2024, announcement that bare trusts are exempt from trust reporting requirements for 2023; (e) how many individual pieces of correspondence did the minister and the CRA receive in support of new bare trust filing requirements; and (f) how many individual pieces of correspondence did the minister and the CRA receive with complaints or confusion regarding the new bare trust filing requirements, broken down by (i) province, (ii) federal riding adjusted to 2024 boundaries, (iii) communication medium (email, phone call, letter, etc.)?
In the House of Commons on December 9th, 2024. See this statement in context.