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ARTICLE · 15 NOVEMBER 2024

CRA Relief And Proposed Amendments Mitigate Bare Trust Reporting Burden On Energy Companies

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On October 29, 2024, the Canada Revenue Agency (CRA) issued a release stating that it will not require bare trusts to file trust returns for the 2024 tax year...

CanadaEnergy and Natural Resources
Spencer Brown (Articling Stucent)
Spencer Brown (Articling Stucent)
Jared Mackey
Jared Mackey
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On October 29, 2024, the Canada Revenue Agency (CRA) issued a release stating that it will not require bare trusts to file trust returns for the 2024 tax year, continuing the administrative exemption that was granted for the 2023 tax year. The CRA's recent announcement follows on the heels of proposed amendments to the Income Tax Act (Canada) (the Proposed Amendments) released in August that, among things, would provide targeted reporting relief for bare trusts meeting certain criteria.

The CRA's administrative relief and the Proposed Amendments should be welcomed by many oil and gas companies who would otherwise be faced with the daunting task of filing a considerable number of bare trusts returns for the first time. Care should, however, be taken in assessing on-going eligibility for such relief.

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