Steinbachs & Chapelle is a full service public accounting firm operating in Niagara Falls, Ontario. Our firm has been providing quality professional services to our clients in the Niagara Region and across the country for over 25 years.

Our dedicated professionals have extensive experience providing a full range of accounting, taxation and financial services, including, but not limited to; financial statement preparation, audit and assurance, personal, corporate and estate tax services, business advisory, and many more. 

As a firm, we are dedicated to making sure our clients receive the highest quality services, specifically tailored to their needs, to help them achieve their business and financial goals. We pride ourselves on our commitment to our clients.






If you own property registered in your name but for the benefit of another person you will likely be required to file a Trust return by March 31, 2024. Please review the additional details below

Detailed Info:

Previously not all Trusts were required to file a tax return however, if you are on title to property that is for the benefit of another person you may now be required to file a Trust return for the years ending on or after December 31, 2023.

Some common examples of Trust returns that will now need to be filed include:

  • Parents who were on the title of their child’s residential property for financing purposes
  • Children who were on title their parent’s residential property, bank accounts, or investment accounts for estate planning purposes

For failing to file the Trust return the penalties will be equal to $25 for each day, with a minimum penalty of $100 and a maximum penalty of $2,500. An additional penalty could be levied on top of this amount for 5% of the maximum value of property held during the year by the trust with a minimum penalty of $2,500.

The above is a high-level overview of the filing requirements and the rules are complex. If you think you might have to file a return we recommend that you reach out to our office to discuss immediately so that we can review and determine if a return needs to be filed by March 31, 2024. 

We ask that if you have any additional questions or would like additional information that you reach out to Ries Vahrmeyer at 905-374-6555 x216.

Additional information can be found on CRA’s website posted below:

 Please note that this is an annual return and it will be required to be filed every year.