Implementing Regulatory Amendment changes on SRD forms; Form 12, Form 13, and Form 14

Summary

Changes identified on this page will come into effect for submissions after the ‘Coming Into Force’ (CIF) date, which is still to be determined. This will apply only to administrations filed after the coming into force date, regardless of whether or not a new estate number is assigned to the filing.

Many of the calculations will be adjusted for inflation. The calculation will be updated at the end of each fiscal year (March 31).

Additionally, some new optional fields have been added to comply with Bill C-280 and the regulatory updates.

New fields - On the Form 12, Form 12S, and Form 12PD:

  • The TrusteeClaimsCrown section was added for specifying the total amount of monies held in trust in favour of the Crown. This new field is optional and may be repeated as needed.
  • The TrusteeClaimsProduce section was added for specifying the total amount of monies held in trust in favour of fresh fruits and vegetables sellers. This new field is optional and may be repeated as needed.
  • The AdministrativeDeficits field was added to list all monies lost on Licensed Insolvency Trustee (LIT) administrative operations and that reduce the total amount of fees paid to the LIT.

New fields - On the Form 13, Form 13S and Form 13PD :

  • The TrusteeClaimsCrown section was added for specifying the total amount of monies held in trust in favour of the Crown. This new field is optional and may be repeated as needed.
  • The TrusteeClaimsProduce section was added for specifying the total amount of monies held in trust in favour of fresh fruits and vegetables sellers. This new field is optional and may be repeated as needed.
  • The InterpreterFees field was added to specify any fees paid for an interpreter’s services.
  • The Trustee45 field is replacing the Trustee35 and Trustee50 fields, used to specify the amount for the Trustee fees at 45% of the portion of receipts exceeding $1700, but not exceeding the asset threshold.
  • The fields Trustee35 and Trustee50 will be deprecated on these forms.
  • The AdministrativeDeficits field was added to list all monies lost on Licensed Insolvency Trustee (LIT) administrative operations and that reduce the total amount of fees paid to the LIT.

New fields – On the Form 14 :

  • The TrusteeClaimsCrown section was added for specifying the total amount of monies held in trust in favour of the Crown. This new field is optional and may be repeated as needed.
  • The TrusteeClaimsProduce section was added for specifying the total amount of monies held in trust in favour of fresh fruits and vegetables sellers. This new field is optional and may be repeated as needed.
  • The InterpreterFees field was added to specify any fees paid for an interpreter’s services.
  • The AdministrativeDeficits field was added to list all monies lost on Licensed Insolvency Trustee (LIT) administrative operations and that reduce the total amount of fees paid to the LIT.

Detailed changes

File Changes
Form 12, Form 12S, and Form 12PD
  1. <TrusteeClaimsCrown> field was added to report claim amounts. Each occurrence must include a Description of the nature of the claim, and the dollar Amount.
  2. <TrusteeClaimsProduce> field was added to report claim amounts. Each occurrence must include a Description of the nature of the claim, and the dollar Amount.
  3. <AdministrativeDeficits> field was added. A decimal value must be specified.
Form 13, Form 13S and Form 13PD
  1. <TrusteeClaimsCrown> field was added to report claim amounts. Each occurrence must include a Description of the nature of the claim, and the dollar Amount.
  2. <TrusteeClaimsProduce> field was added to report claim amounts. Each occurrence must include a Description of the nature of the claim, and the dollar Amount.
  3. <InterpreterFees> field was added. A decimal value must be specified.
  4. <Trustee45> field value will be a decimal amount which will specify the 45% portion of Trustee’s fee that exceeds the initial $1700 but must not exceed the asset threshold.
  5. <Trustee35> and <Trustee35> are deprecated.
  6. <AdministrativeDeficits> field was added. A decimal value must be specified.
Form 14
  1. <TrusteeClaimsCrown> field was added to report claim amounts. Each occurrence must include a Description of the nature of the claim, and the dollar Amount.
  2. <TrusteeClaimsProduce> field was added to report claim amounts. Each occurrence must include a Description of the nature of the claim, and the dollar Amount.
  3. <InterpreterFees> field was added. A decimal value must be specified.
  4. <AdministrativeDeficits> field was added. A decimal value must be specified.
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