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ARTICLE · 27 JUNE 2018

Trust Reporting Requirements And Compliance – Now A Heavier Burden On Trustees

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This new reporting and compliance requirement for trusts will pose a heavy burden on trustees, and in the case of non-resident trusts, may lead to non-compliance due to lack of awareness...

CanadaCorporate/Commercial Law
Fasken Martineau
Fasken Martineau
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On February 27, 2018, the federal government tabled the third budget ("Budget 2018"), which included a proposal to increase reporting requirements for trusts and impose penalties for failing to comply. This came as little surprise as the federal government had been contemplating ways to enhance the transparency of information related to trusts. As a result, trustees will be faced with additional reporting obligations. The proposal is aimed at diminishing the potential for taxpayers to engage in aggressive tax avoidance and tax evasion activities relating to trusts.

Currently, a trust that does not earn income or make distributions in a year is generally not required to file an annual T3 income tax return. Even if a trust is required to file a return for a year, currently, there is no requirement for the trust to report the identity of all of its beneficiaries. Given the absence of an annual reporting requirement and the limitations with respect to the information

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