New filters on the Home Feed, take a look!
view details

This post has been de-listed

It is no longer included in search results and normal feeds (front page, hot posts, subreddit posts, etc). It remains visible only via the author's post history.

0
T3s for Pre Construction Condos (Need to Refile)
Post Flair (click to view more posts with a particular flair)
Post Body

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.

Author
Account Strength
70%
Account Age
3 years
Verified Email
Yes
Verified Flair
No
Total Karma
502
Link Karma
18
Comment Karma
484
Profile updated: 5 days ago
Posts updated: 2 months ago

Subreddit

Post Details

We try to extract some basic information from the post title. This is not always successful or accurate, please use your best judgement and compare these values to the post title and body for confirmation.
Posted
7 months ago