On March 28, 2024, the Canada Revenue Agency (CRA) announced they 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.
CPA Canada has worked with practitioners and the CRA over the last several months to help identify issues related to bare trusts. The issues that were identified during that process, along with concerns of many other stakeholders, have led to the waiving of the bare trust filing requirement for 2023.
In the announcement, the CRA stated they will work with the Department of Finance over the coming months to further clarify their guidance on this filing requirement.
See here for further details.
