ARTICLE · 05 APRIL 2024

CRA Exempts Bare Trusts From Reporting Requirements For 2023

Dale & Lessmann LLP

Explore more from Dale & Lessmann LLP

On March 28, 2024, the Canada Revenue Agency (CRA) has announced that bare trusts are exempt from having to file a T3 Income Tax and Information Return...

CanadaTax

Author LinkedIn connections

On March 28, 2024, the Canada Revenue Agency (CRA) has announced that bare trusts are exempt from having to file a T3 Income Tax and Information Return (including Schedule 15) for the 2023 tax year, unless the CRA specifically requests these filings. This exemption recognizes the unintended impact of the new reporting requirements on Canadians. Bare trusts will not be required to submit these forms unless directly requested by the CRA.

Key Points:

Exemption for Bare Trusts: Bare trusts are not required to file T3 returns for 2023 unless the CRA makes a direct request.

Filing Deadline: Trusts, other than bare trusts, must file by April 2, 2024 (since March 30, 2024, falls on a Saturday).

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Le Manitoba étend la taxe sur les transferts fonciers aux transferts d’un intérêt bénéficiaire dans un bien-fonds

Blake, Cassels & Graydon LLP

Ontario Proposes Significant Changes To Property Tax Exemptions And Assessment Roll Access – But No Reassessment Planned

Aird & Berlis LLP

Family Trusts For Small Business Tax Planning

Rotfleisch & Samulovitch P.C.

When The CRA Serves A Requirement For Information On Your Firm: What An Accountant Must Do In The First Thirty Days

Rotfleisch & Samulovitch P.C.

Managing Sales Tax Risks Requires A Team Effort: The Role Of Marketing, Sales, And Product Teams

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

Comparative Guide

Tax Disputes

Comparative Guide

Tax

See more popular content from

Tax

The GST/HST New Housing Rebate In 2026: A Complete Guide To Eligibility, Ontario's Enhanced Rebate, And How To Avoid Case Law Traps

If you have signed, or are about to sign, an agreement to buy a newly built home in Ontario, the HST you recover could be anything from nothing to $130,000. The difference usually comes down to a signing date, a price threshold, or whose name is on the purchase agreement, and not to whether you are buying your first home.

Rotfleisch & Samulovitch P.C.

CRA Requirement For Information And Compliance Orders: Why A New Appeals Court Decision Means You Can’t Stall Audits In Canada

If the CRA has served you or your accounting firm with a CRA requirement for information, and you are wondering whether you can refuse it, delay it, or fight it later, the Federal Court of Appeal has now answered that question.

Rotfleisch & Samulovitch P.C.

Cryptocurrency Held Through A Bare Trustee: Tax Treatment And The 2026 Reporting Obligations

If you hold cryptocurrency, NFTs or other blockchain assets in someone else’s wallet, or hold assets in your own wallet for someone else, the arrangement is very likely a bare trust. Until recently, that carried almost no compliance consequence. It now carries three reporting obligations to track: the T3 filing for 2026, the T1135, and the proposed Crypto-Asset Reporting Framework from 2027.

Rotfleisch & Samulovitch P.C.

How To Appeal The Toronto Vacant Home (VHT) Tax: Here’s What One Landlord Did To Fight VHT Assessment

Since 2022, the City of Toronto has imposed an annual Vacant Home Tax (VHT) on residential units left unoccupied for more than six months of the year. For most owners the tax is an afterthought: file the annual declaration, confirm the unit was lived in, and move on. But when the City’s administrative process breaks down, an owner can find themselves fighting a five-figure tax bill over a unit they insist was never vacant at all.

Rotfleisch & Samulovitch P.C.

Canada’s Productivity Mega Deduction: 100% First-year Expensing For A Wide Range Of Capital Assets Is Now On The Table

On September 15, 2026 (“Announcement Day”), the Department of Finance released draft legislative proposals to implement the “Productivity Mega Deduction,” permanent 100% first-year (“immediate”) expensing for a wide range of new or used depreciable property and for Canadian development expenses (“CDE”)...

CRA Releases Updated CRS Guidance: CRS 2.0 And Other Matters

On July 2, 2026, the Canada Revenue Agency (CRA) published its updated Guidance on the Common Reporting Standard (Updated CRS Guidance).

Borden Ladner Gervais LLP

Canadian Prime Minister Announces ‘Productivity Mega Deduction’

Canada's new Productivity Mega Deduction permanently provides immediate expensing for a wide range of depreciable property and Canadian development expenses, dramatically expanding the scope beyond the previously announced Productivity Super Deduction. The measure aims to reduce Canada's marginal effective tax rate on new business investment to 6.4%, positioning it as the lowest among major economies and less than half the U.S. rate.

Osler, Hoskin & Harcourt LLP

Productivity Mega Deduction: Key Tax Measures Announced At The Canada Investment Summit

Canada has introduced a permanent Productivity Mega Deduction allowing immediate expensing of up to 100% of eligible capital property costs and Canadian development expenses acquired after September 15, 2026. This measure aims to boost business investment and strengthen Canada's tax competitiveness by expanding immediate expensing eligibility from 15% to approximately two-thirds of capital investments, while reducing the country's marginal effective tax rate to 6.4%.

McCarthy Tétrault

When Is GST/HST Payable On Vehicle Sales? Guidance From A Canadian Tax Lawyer

When a specified motor vehicle is acquired through a private sale (for instance, from an individual who is not registered for GST/HST purposes), the transaction is generally not subject to GST/HST.

Rotfleisch & Samulovitch P.C.

Approved: $8.7M CRA Data Breach Settlement – How Affected Canadians Can Claim $80, $200, And Up To $5,000 For Verified Claims

The Federal Court has approved an $8.7 million class action settlement in Sweet v. His Majesty the King (2026 FC 590), resolving claims from the 2020 credential-stuffing cyberattacks on Government of Canada online accounts accessed via GCKey, including CRA My Account.

Rotfleisch & Samulovitch P.C.