DFK Tax Digest
2025 Issue Three
August 19, 2025
In this DFK Tax Digest – 2025 Issue Three:
- Bare Trust Tax Reporting – Get Ready for 2025 Filing Season -This is an update to information previously published in DFK Tax Digest articles from August 2024 and December 2023. A Brief History: A bare trust is a simple legal arrangement in which a trustee holds property on behalf of a beneficiary but has no discretion over the assets. The trustee simply follows the instructions of the beneficiary, who is considered the true owner for tax purposes….
- Do You Earn Revenue Through a Digital Platform? –In Canada, taxpayers generally have an obligation to report all revenue earned, including all revenue from business activity and rental activity.As more businesses started using online digital platforms, taxing jurisdictions throughout the world began raising concerns that not all taxpayers selling goods and services through digital platforms were aware of the tax implications of their online activities….
- Implications to Canadians of the One Big Beautiful Bill – On July 4th, 2025, the highly debated One Big Beautiful Bill Act (“OBBBA”) was signed into law. The OBBBA includes a mix of tax cuts, reforms, and other tax provisions. As a Canadian tax resident, you may believe the OBBBA does not affect you, however there are a few key provisions that Canadians should be aware of…