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ARTICLE · 23 MARCH 2022

Federal Government Introduces Proposed Trust Reporting Rules

Borden Ladner Gervais LLP
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On February 4, 2022, the Department of Finance re-introduced legislative proposals with respect to the enhanced tax reporting rules for trusts first announced in Budget 2018 (the Draft Rules).

CanadaFinance and Banking
Grace Pereira
Grace Pereira
Tony Zhang
Tony Zhang
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What Trustees Need to Know

On February 4, 2022, the Department of Finance re-introduced legislative proposals with respect to the enhanced tax reporting rules for trusts first announced in Budget 2018 (the Draft Rules). The Draft Rules will increase the categories of trusts that are required to file a T3 Trust Income Tax and Information Return (the T3 Tax Return), expand the information that must be reported and impose significant penalties for non-compliance. The Draft Rules apply to trusts with taxation years ending on December 31, 2022 or later.

Background

Changes to the trust reporting rules were first announced in Budget 2018 to provide the Canada Revenue Agency (the CRA) with more information about trusts and their stakeholders. Although initially intended to apply to the 2021 taxation year, the CRA announced on January 14, 2022 that the implementation would be deferred (see our prior article for more information).

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