Major Canadian Tax Changes Coming In 2023

Crowe MacKay's tax experts share insight on Canadian tax changes announced by the Federal Government impacting individuals, families, and businesses.

Trust Reporting Requirements

There are new reporting requirements for trusts requiring most trusts to file a T3 return, regardless of income or activity levels (with some exceptions, see below). The new reporting requirements were first proposed in the 2018 Federal Budget and the implementation has been delayed to apply to trusts with taxation years that end on or after December 31, 2023, and will require disclosure of information about the settlor, trustees, and beneficiaries (including contingent beneficiaries), such as name, address, date of birth, jurisdiction of residence, and taxpayer identification number (e.g., SIN).