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ARTICLE · 17 FEBRUARY 2022

CRA Significantly Expands Proposed Trust Reporting Requirements To Include Bare Trust Arrangements

Miller Thomson
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In 2018, the Department of Finance Canada released Legislative Proposals, and Explanatory Notes that dealt with, among other topics, the Reporting Requirements for Trusts as first announced in Budget 2018.

CanadaCorporate/Commercial Law
Brittany Sud
Brittany Sud
Stephen Sweeney
Stephen Sweeney
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In 2018, the Department of Finance Canada released Legislative Proposals, and Explanatory Notes that dealt with, among other topics, the Reporting Requirements for Trusts as first announced in Budget 2018. We posted about these new requirements and some of their consequences in past articles, namely, "New trust reporting rules and ongoing trust compliance" and "New trust reporting requirements - A status update!"

The new filing and reporting requirements were proposed to apply to trusts, other than "exception trusts", for their taxation years ending after December 30, 2021.

Legislation and regulations implementing the new trust filing and reporting requirements has not yet been passed into law. On January 14, 2022, Canada Revenue Agency issued an update:

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