ARTICLE · 12 SEPTEMBER 2022

Enhanced Tax Reporting For Trusts Starting 2022

Moodys Private Client Law LLP

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On August 9, 2022, the Department of Finance released the latest draft legislation with respect to Enhanced Reporting Requirements for Trusts first introduced in the 2018 Federal Budget.

CanadaTax

Carolyn Wong JD

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On August 9, 2022, the Department of Finance released the latest draft legislation with respect to Enhanced Reporting Requirements for Trusts first introduced in the 2018 Federal Budget. The government first announced its intention to amend the Income Tax Act (the "Act") to impose these new requirements and this latest set of draft legislation will likely be the final version of the legislation.¹ The new filing and reporting obligations would require the identity of all trustees, beneficiaries, settlors, and "protectors" who had the ability to exert control over the trustee's decisions to be disclosed. We have previously recorded a podcast on this topic and this blog dives deeper into these new filing obligations.

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