Note: This article was updated on April 2, 2024, following the federal government's media release of the Government's announcement that bare trusts are exempt from trust reporting requirements for 2023.
On March 28, 2024, the Canada Revenue Agency (CRA), announced in recognition that the new reporting requirements for bare trusts have had an unintended impact on Canadians, that it will not require bare trusts to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust), for the 2023 tax year, unless the CRA makes a direct request for these filings.
The CRA will work with the Department of Finance to further clarify its guidance on this filing requirement. The CRA will communicate with Canadians as further information becomes available over the coming months.
If you would like further information, please contact the lawyer(s) you primarily work with at RBS. Alternatively, further information from the Canadian Government is also available at New trust reporting requirements for T3 returns filed for tax years ending after December 30, 2023 – Canada.ca.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.