Trust Beneficiary Reporting Deferred For One Year

The CRA announced on January 14, 2022 that it will not require trusts to comply with the proposed beneficial ownership and controlling person disclosure rules that were originally supposed to take effect for the 2021 taxation year. This announcement comes as welcome news, given the expectation that such reporting would be required by March 31, 2022 for the 2021 taxation year and that much of what had to be reported is information not previously collected (and potentially not even known), much less disclosed, by trustees. The CRA says that it will begin requiring such reporting once there is enacted legislation. Although Revenu Québec has not publicly responded to the CRA announcement, similar deferral ought to be available in Québec.