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ARTICLE · 29 SEPTEMBER 2023

The New Trust Reporting Rules' Potential Impact On Internal Charitable Trusts, Endowments, And Donor Advised Funds

Miller Thomson
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We have previously written about the new trust reporting requirements with a focus on how they may affect charities in the Social Impact newsletter...

CanadaCorporate/Commercial Law
Hillary Linden
Hillary Linden
Gwenyth Stadig
Gwenyth Stadig
Adam Parachin
Adam Parachin
Troy McEachren
Troy McEachren
Maria Elena Hoffstein
Maria Elena Hoffstein
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INTRODUCTION

We have previously written about the new trust reporting requirements with a focus on how they may affect charities in the Social Impact newsletter. Here we expand on that article to provide a more technical analysis of the issues.

TECHNICAL OVERVIEW

Bill C-32 added new trust reporting requirements to the Income Tax Act (the "ITA" or the "Act") which will come into force for trusts having a taxation year ending after December 30, 2023. These new rules require trusts, including bare trusts, to file an annual income tax return, being the T3 Trust Income Tax and Information Return, within 90 days from the end of the year. Of particular interest to registered charities in Canada will be the new subsection 150(1.2) of the ITA.

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