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ARTICLE · 19 AUGUST 2020

New Trust Reporting Rules

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Beginning in 2021, new reporting rules come into effect for most Canadian resident trusts. The rules are intended to improve the collection of beneficial ownership information with respect to...

CanadaCorporate/Commercial Law
Barbara J. Kimmitt
Barbara J. Kimmitt
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Beginning in 2021, new reporting rules come into effect for most Canadian resident trusts. The rules are intended to improve the collection of beneficial ownership information with respect to trusts and to help the CRA assess the tax liability for trusts and its beneficiaries. Trustees and their advisors should be aware of the rules summarized below.

1. New Filing Requirement

The new filing requirement requires express trusts that are resident in Canada to file a T3 return, even if the trust does not have any income to report.

Express trusts are trusts created with the settlor or testator's explicit instructions, as evidenced by a Trust Deed or a Will.  Resulting trusts and constructive trusts are not express trusts.

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