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TLDR; I already filed my taxes without the information from the T3 for the trust holding the deposits for my pre-construction condo. How much trouble have I created for myself?
So I've made deposits for a pre-construction condo over the years from 2021 to 2022.
The condo is closing this year, hopefully, but I'm entering interim occupancy this month.
I just filed my taxes and got an email from the builder saying they need my SIN.
It states:
"The federal government recently enacted new reporting requirements that apply to law firms holding deposits on behalf of purchasers of condominium units ( “New Tax Reporting Rules”)... and
"commencing for the 2023 tax year, reporting on the deposits that they are holding in their trust account for each condominium project and providing information on the specific purchaser(s) for whom the deposits funds are being held. "
My tax situation has always been pretty simple. Single, no dependents and don't own a home.
I guess my question is how fucked am I? I already filed my taxes before I got this email.
I use studio tax and I know I can use ReFile to correct the missing info from the T3.
I think I might have earned 3,000 max in interest on those deposits. Not really familiar with trusts and how they're taxed. Just concerned I might end up owing money or losing some of my tax return.
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- 7 months ago
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