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ARTICLE · 04 APRIL 2024

Update: Bare Trusts No Longer Required To File T3 Returns For 2023

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In our previous blog post,[1] we discussed the Canada Revenue Agency's (the "CRA") expanded trust filing and reporting requirements...

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Ian Spiegel
Ian Spiegel
Mitchell Hajnal
Mitchell Hajnal
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In our previous blog post,1 we discussed the Canada Revenue Agency's (the "CRA") expanded trust filing and reporting requirements for trusts with tax years ending on or after December 31, 2023. These new filing requirements were implemented for all express trusts, including bare trusts.2

However, the introduction of these expanded filing requirements caused quite an uproar in the accounting and legal communities. So much so that, in a massive shift, the CRA just announced that it will no longer require a T3 filing for bare trusts with a December 31, 2023 tax year end, including the new Schedule 15 (Beneficial Ownership Information of a Trust), unless specifically requested. On March 28, 2024, the CRA announced the following:

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