Brampton UPtowns at Heart Lake | ?m | 4s | VANDYK

ruru123456 said:
Just got an email from SR law titled “ INCOME TAX ACT - TRUST REPORTING INFORMATION RELATING TO DEPOSITs”

anyone else got this?
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Yea.

I replied telling them they don’t need this because there is no property, to give back my deposit lol.
 
received email as well. They make it sound like we are required to give this information, it's not optional.
Also good to know that the money is still in trust!
 
Alot of us are anxious with what's next with respect to the development and our money, etc. It seems like some members in this group have a better grasp of the situation and are skilled at deciphering complex documents, drawing insights from similar scenarios. To those with the know-how, I'm wondering if it's worth considering collective legal advice at this point.

If many of us are in the GTA, we could arrange an in-person meeting to discuss further. Of course, to ensure legitimacy, we could each bring our proof of purchase agreement and ID.

Your thoughts on this would be greatly appreciated.
 
jbaa1 said:
Yea.

I replied telling them they don’t need this because there is no property, to give back my deposit lol.
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think its when they decided to return deposits with interests(T5) reporting to CRA so at that time will have to report it as income (T5). so maybe it seems our deposits are held in TRUST still and making interests..Confirmed with SRLAW, they have to submit the T3 for the deposits not us..
 
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cngirl said:
received email as well. They make it sound like we are required to give this information, it's not optional.
Also good to know that the money is still in trust!
Click to expand...
I don't know if this is evidence the money is still in trust.

I think this is just them gathering info regarding the people who paid the deposits.
 
I think collectively, the Uptowns buyers.. we should reject the offer for deposits (and not sign anything with respect to receipt of deposits back). And we should class action sue the builders and/or KSV for the lost equity between 2017 and whenever the build is done.

If we take the deposits, we would gie up our right to sue.

Thoughts?
 
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jbaa1 said:
I don't know if this is evidence the money is still in trust.

I think this is just them gathering info regarding the people who paid the deposits.
Click to expand...
no, srlaw has to submit T3 with trust holdings, came into effect start 2024 for tax year 2023, or anyone not submitting before Apr deadline will be penalized by CRA , so they do have the deposits ..

New trust reporting requirements for T3 returns filed for tax years ending after December 30, 2023 - Canada.ca

Information on new trust reporting requirements for T3 returns filed tax years ending after December 30, 2023. Who is affected. Legislation on Bill C-32 on Bare trust reporting.
www.canada.ca www.canada.ca
 
jbaa1 said:
I think collectively, the Uptowns buyers.. we should reject the offer for deposits (and not sign anything with respect to receipt of deposits back). And we should class action sue the builders and/or KSV for the lost equity between 2017 and whenever the build is done.

If we take the deposits, we would gie up our right to sue.

Thoughts?
Click to expand...
we can do that too.. take deposits and class action ..BUT HAVE TO SEE WHICH DIRECTION OUR PROJECT IS GOING ? will need first nitification from KSV.
 
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