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ARTICLE · 09 APRIL 2024

CRA Announces Exemption For Bare Trusts From New Reporting Rules For 2023

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On March 28, 2024, the Canada Revenue Agency ("CRA") released a statement exempting bare trusts from having to file a T3 Income Tax and Information Return...

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Rahul Sharma
Rahul Sharma
Katerina Ignatova
Katerina Ignatova
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On March 28, 2024, the Canada Revenue Agency ("CRA") released a statement exempting bare trusts from having to file a T3 Income Tax and Information Return (a "trust return"), including Schedule 15 for the 2023 tax year, unless the CRA makes a direct request. This was an unexpected statement released just before the filing deadline for 2023, which would otherwise have been April 2, 2024.

The CRA says that it will work with the Department of Finance over the coming months to further clarify its guidance on the bare trust filing requirement. As of this latest announcement, bare trusts would still be required to file a trust return and Schedule 15 for the 2024 tax year, and for future taxation years thereafter. More details can be found on the CRA's website.

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