OTTAWA,
ON, March 28, 2024 /CNW/ - To support ongoing
efforts to ensure the effectiveness and integrity of Canada's tax system, the Government of
Canada introduced new reporting
requirements for trusts.
In recognition that the new reporting requirements for bare
trusts have had an unintended impact on Canadians, the Canada
Revenue Agency (CRA) 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.
Over the coming months, 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.
Is your trust a bare trust?
Whether or not an arrangement is a trust or a bare trust is
dependent on the specific facts of each situation, as well as the
applicable law. Taxpayers may wish to seek legal counsel if they
are unsure whether their arrangement is a trust, and what type of
trust they have.
More information on bare trusts can be found in our frequently
asked questions on the new reporting requirements for trusts.
What are the new trust reporting requirements?
The new trust reporting requirements are applicable to trusts
with taxation years ending after December
30, 2023. Affected trusts are required to file a T3
return, including Schedule 15, some for the first time.
The T3 Return and Schedule 15 filing deadline for most trusts is
March 30, 2024. Since March 30,
2024 falls on a Saturday, a T3 return will be considered filed
on time if the CRA receives it, or it is postmarked, on or
before April 2, 2024 (the next business day).
Bare trusts are exempt from this filing requirement for the 2023
tax year, unless directly requested by the CRA.
Still have questions?
Find out more with our answers to frequently asked questions on
the new reporting requirements for trusts.
Contacts
Media Relations
Canada Revenue Agency
613-948-8366
cra-arc.media@cra-arc.gc.ca
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SOURCE Canada Revenue Agency