What’s In This Email

• Opinion: New trust reporting rules—a big mess?

• AI Washing: What does it mean?

• Drake wants you to come to his house

• The best cheese pizza slice in the world is in Ontario

• Notable Spotlight: Ontario Maple Weekend

• Notable Plug 🔌 

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Opinion: New Trust Reporting Rules — A Big Mess?

Canada's new rules requiring people to report certain trusts are causing a stir. Allan Lanthier, a retired partner of an international accounting firm who has been an adviser to both the Department of Finance and the Canada Revenue Agency, shares his thoughts:

• The problem: The rules are so complex they catch many ordinary Canadians in unnecessary red tape. Imagine needing to report your kid's cellphone as part of a "trust"!

• Here’s an example: Your 16-year-old daughter wants to buy a cellphone: she is a student and works part-time. You sign the contract on her behalf. Guess what? You are now the trustee of a bare trust that owns the cellphone. So, you must file a 2023 trust return no later than April 2 and disclose the arrangement. If you don’t, you have contravened the law and are subject to penalties.

• Who's affected? Parents helping kids buy homes, grandparents saving for grandkids' education - all caught in the web.

• The CRA's response? A Follow-up from Allan Lanthier stating: After sustained and increasing criticism from the tax community, including on these pages (ref: Financial Post), the government announced that, unless there is a direct request from the CRA (there won’t be any), there shall be no filing requirements for bare trusts for 2023. Instead, the Department of Finance and the CRA will go back to the drawing board and try to come up with a better mousetrap.

Why this matters: As new parents and young professionals, these rules could have unexpectedly impacted your finances.

Read the full article here.

Don't Fall for the AI Hype: Here's What You Need to Know

Ever wonder if that fancy new "AI-powered" product is all it's cracked up to be? You're not alone. A growing trend called "AI washing" involves companies exaggerating their AI capabilities to mislead investors and consumers.

Key takeaways

• AI washing = misleading claims about AI. Companies might overhype their AI tech or make promises they can't keep. Remember, that AI girlfriend probably won't do your dishes (yet!).

• Why do they do it? It's trendy! AI is hot right now, so companies jump on the bandwagon to attract attention and investment.

• What are the consequences? Regulatory bodies are cracking down on companies that make false claims about AI.

• AI has potential, but be realistic. While AI can be a powerful tool, it's not a magic solution. Integration with human expertise often leads to the best results.

Why this matters: As a generation that values authenticity and transparency, We are especially vulnerable to AI washing. Being aware of this tactic can help you make informed decisions about the products and services you choose.

Read the full article here.

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@curiocitycanada

If you’re a Drake fan, you can get the chance to take a tour of his iconic mansion 🏠🎵 @olga #curiocitycanada #curiocitytoronto #greenscree... See more

Ontario Maple Weekend
April 6th - 7th

Join maple syrup producers from across Ontario for Ontario Maple Weekend. This free, family-friendly, two-day event, hosted by the Ontario Maple Syrup Producers’ Association, is the perfect way to celebrate spring and the annual maple syrup season while learning more about how maple syrup is made, from tree to table.

mapleheightsfarms

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Maple Heights Farm

Other participating producers

🔌  NOTABLE PLUG

🎙️ Get Into It: Busy, Yet Pretty podcast. Welcome to the Busy, Yet Pretty podcast. Are you busy setting goals and achieving your dream life? Yet, incorporating pretty things into your busy life, such as style, skincare, perfume & lipgloss? Your host, Jadyn Hailey, is here to talk all about maintaining a Busy Yet Pretty lifestyle. On this podcast, Jadyn covers fashion, wellness, lifestyle and creating your dream life. Get your oat milk matcha latte and tune in weekly! Listen on Apple or Spotify.

📄 Notable Hires: Brand Partnerships Manager, Retail @ TikTok (on-site, Toronto)

🎓 Hope This Helps: Total Solar Eclipse' ‘Map Of Nope'‘ Meme.

🌍 Notable Destinations: Toronto to Marrakesh ($944 - $2850) 
Dates: May 8 - May 15. Click on this link to see the deal.

🧠 Today We Learned: “Catsup” is one of the earlier variations of the word that eventually evolved into “ketchup.” While “ketchup” now specifically refers to tomato sauce, “catsup” originally described a wider variety of sauces, not necessarily tomato-based.

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Notable Life is Canada for young professionals, entrepreneurs, and culture generators operated by The Notable Group. Notable Daily inspires ideas and sharpens the minds of over 40,000 top-tier professionals in competitive industries.

Disclosure: While we utilize artificial intelligence (AI) to assist with certain aspects of content development, all information provided in our content is thoroughly vetted and edited by our team of humans. We strive to ensure the accuracy and reliability of all information. However, we recommend that readers conduct research or seek professional advice to make informed decisions. This email may contain sponsored content.