Implementation Of Enhanced Trust Reporting Requirements Delayed One Year

We previously wrote on Finance Canada's proposed expansion of the reporting requirements for Canadian trusts, including the proposed expansion of the rules to capture bare trust arrangements. You can read our latest article here. The new filing and reporting requirements were proposed to apply to trusts, other than certain "exception trusts," with taxation years ending after December 30, 2022 (meaning, effectively, all trusts with a taxation year end of December 31, 2022). However, included in the Federal Government's Fall Economic Statement delivered November 3, 2022, was an announcement that the implementation of these rules would again be delayed for a further period of one year. Bill C-32, now tabled to implement the Economic Statement, proposes that the enhanced trust filing and reporting requirements apply to affected trusts with taxation years ending after December 30, 2023.