Enhanced trust reporting requirements were enacted for trusts
with a taxation year ending after December 30, 2023,1
and required certain trusts to file a T3 Trust Income Tax and
Information Return ("T3 Return") and
Schedule 15 Beneficial Ownership Information of a Trust
("Schedule 15"). As such, where a trust
is subject to the enhanced reporting requirements, the T3 Return
needs to include the name, address, date of birth, residency and
SIN, business number or trust account number of each trustee,
beneficiary, settlor and person who has the ability to exert
influence over the trustees' decisions regarding the allocation
of trust income or capital.2
However, the implementation of these enhanced reporting
requirements did not go smoothly. The requirements were delayed by
two years, originally having been meant to apply to trusts with
taxation years that ended after December 30, 2021. When the
requirements finally came in force for this past reporting season,
there
