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ARTICLE · 27 NOVEMBER 2024

2024 Taxation Year Reporting Exemption For Bare Trusts

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On October 29, 2024, the Canada Revenue Agency (CRA) announced that bare trusts are once again exempt from filing the T3 Income Tax and Information Return (including Schedule 15 regarding beneficial ownership...

CanadaTax
Philip B. Ward
Philip B. Ward
Samantha Weng
Samantha Weng
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On October 29, 2024, the Canada Revenue Agency (CRA) announced that bare trusts are once again exempt from filing the T3 Income Tax and Information Return (including Schedule 15 regarding beneficial ownership information of a trust) for the 2024 tax year. This is a continuation of the CRA's decision, announced on March 28, 2024, to exempt those Canadian resident trusts that are bare trusts from filing a T3 return for the 2023 tax year.

The CRA's announcement aligns with legislative amendments announced by the Department of Finance in August 2024 that propose to remove the requirement for bare trust reporting in 2024 by repealing the applicable provision (subsection 150(1.3) of the Income Tax Act) and replacing it with a modified provision effective starting the 2025 taxation year. The CRA's administrative relief provides additional comfort to taxpayers that reporting will not be required for 2024 even if the proposed legislative amendments are not ultimately

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