In December of 2022, Bill C-32 received royal assent and new
trust disclosure rules were introduced into the Tax Act, which take
effect for the 2023 tax filing year. These new requirements have
been written about extensively, but many have missed the specific
relief to the trust reporting requirements for Indigenous
trusts.
Crowe MacKay's trusted Indigenous services leads share an
update on the new trust disclosure rules, highlighting the new
reporting requirements and resources available to become more
informed on the changes. If you require assistance, connect with us in Alberta, British Columbia,
Northwest Territories, or the Yukon.
For most trusts in Canada, the new rules require that a trust
file a T3 Trust Income Tax and Information Return, even if they
have never filed one. In that information return, they have to
include information about the trustees, beneficiaries and settlors
of the trust, including their name, address, date of birth, and
social
