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ARTICLE · 28 MARCH 2022

Trust Reporting Rules: Draft Legislation And Impact On Estates

McLennan Ross LLP
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As discussed in our February article, the Government has provided draft legislation for the new trust reporting rules. In addition to the overall effect these changes may have on commercial...

CanadaFamily and Matrimonial
Michelle Fong
Michelle Fong
MaryAnne Loney
MaryAnne Loney
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As discussed in our February article, the Government has provided draft legislation for the new trust reporting rules. In addition to the overall effect these changes may have on commercial and real estate transactions, they will also impact Estate Administration and Estate Planning.

Refresher

The new reporting rules require trustees and Executors1 to file a trust tax return each year and report detailed information of the settlor, trustees, beneficiaries and any person who can exert influence over the trust (i.e. protectors). The details to be reported for these persons are:

  • Name
  • Address
  • Date of birth (in the case of an individual other than a trust)
  • Jurisdiction of residence

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