New Trust Reporting And Disclosure Rules – 2021 Is Coming Up Soon

In our previous blog, "Getting Ready for the New Trust Reporting and Disclosure Rules", we wrote about the new Canadian trust reporting and disclosure rules coming into effect in 2021. Whatever you may think of the new requirements, if you are a trustee of an existing "express" trust (i.e. a trust created by a person during his or her lifetime or in his or her will), you will need to ensure you comply with them even if the trust earns no income and has no activity during the year. Even some trusts with minimal assets will be caught by the new rules.

The information that must be disclosed for all trusts with reporting obligations includes:

• names;
• addresses;
• dates of birth (for individuals);