There are new reporting requirements for trusts requiring most
trusts to file a T3 return, regardless of income or activity levels
(with some exceptions, see below). The new reporting requirements
were first proposed in the 2018 Federal Budget, and the
implementation has been delayed to apply to trusts with taxation
years that end after December 30, 2023, and will require disclosure
of information about the settlor, trustees, and beneficiaries
(including contingent beneficiaries), such as their name, address,
date of birth, jurisdiction of residence, and taxpayer
identification number (e.g., SIN).
Bare trust arrangements are also subject to the new reporting
requirements. A bare trust arrangement may exist where a person is
on legal title to a property but is not the beneficial owner. This
could be the case if someone is on title for a property that
belongs to someone else, like a family member or company.
