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ARTICLE · 04 MARCH 2022

Trust Reporting Rules Not To Take Effect For At Least Another Year

McCarthy Tétrault
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The Canada Revenue Agency (the "CRA") announced in its' updated guidance on January 14, 2022, that it will not apply the proposed beneficial ownership reporting rules (the "New Trust Reporting Rules")...

CanadaGovernment, Public Sector
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Prince S. Arora
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The Canada Revenue Agency (the "CRA") announced in its' updated guidance on January 14, 2022, that it will not apply the proposed beneficial ownership reporting rules (the "New Trust Reporting Rules") that were set to be effective for trusts with year-ends on or after December 31, 2021. In this regard, the CRA released the following statement:

The legislation to support this proposed measure is pending. The CRA will administer the new reporting and filing requirements once there is supporting legislation that receives Royal Assent. The CRA will continue to administer the existing rules for trusts, under enacted legislation. The proposed beneficial ownership reporting requirements will not be part of the published 2021 T3 income tax return. 

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