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ARTICLE · 22 FEBRUARY 2021

New Trust Reporting Requirements – A Status Update!

Miller Thomson
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In the 2018 Federal Budget, the federal government proposed to increase reporting requirements for trusts and impose penalties for failing to comply.

CanadaTax
Brittany Sud
Brittany Sud
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In the 2018 Federal Budget, the federal government proposed to increase reporting requirements for trusts and impose penalties for failing to comply.  Later that year, the Ministry of Finance released draft tax legislation on the new trust reporting requirements.  Fast-forward to 2021 when the proposed amendments to the Income Tax Act (Canada) were intended to take effect, and they still have not yet been enacted. It is possible that the draft legislation could be passed in the future with the amendments to take effect for taxation years ending on or after December 31, 2021, so it is important to be aware of the proposed new trust reporting requirements and the potential penalties for non-compliance. For information on these, see my colleague, Nicole Woodward's article,New trust reporting rules and ongoing trust compliance.

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