New Canadian Trust Reporting Requirements

Changes concerning Canadian Trust reporting, first introduced in the 2018 Federal Budget and repeatedly delayed, are now law. Filings for 2023 will be the first subject to these new rules, the changes to which are extensive and pervasive. Jay and Kim discuss which types of trusts the new rules apply to, exceptions, required disclosures and penalties for non-compliance, practical application, and more! Registration includes access to a Q&A session where Jay and Kim answer 60+ questions submitted by attendees.

Key topics discussed: 

• Which trusts the new rules apply to
• Exemptions to reporting requirements
• Bare trust impacts and analysis
• Disclosure requirements
• Understanding and preparing T3 Schedule 15
• Penalties for non-compliance
• Disclosure of other taxation issues
• Practical application

Disclaimer:

Please be advised that on March 28, 2024. the CRA released a statement sharing that it will not require bare trusts to file a T3 Return, including Schedule 15 (Beneficial Ownership Information of a Trust), for the 2023 tax year.

The full statement is available here https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2024/bare-trusts-exempt-from-trust-reporting-requirements-2023.html