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ARTICLE · 25 JANUARY 2022

Update: New Reporting Requirements For Trusts

Gardiner Roberts LLP
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The legislation to support this proposed measure is pending.

CanadaTax
Lorne Saltman
Lorne Saltman
Lindsay Ann Histrop
Lindsay Ann Histrop
Ian Spiegel
Ian Spiegel
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In a previous blog post1, we discussed the proposed new T3 Trust Income Tax and Information Return reporting and filing requirements for certain express trusts. These changes were to be implemented for trusts with taxation years ending on or after December 31, 2021. However, the supporting legislation for these changes remains pending and has not yet received Royal Assent.

The CRA has recently made the following announcement:

The legislation to support this proposed measure is pending. The CRA will administer the new reporting and filing requirements once there is supporting legislation that receives Royal Assent. The CRA will continue to administer the existing rules for trusts, under enacted legislation. The proposed beneficial ownership reporting requirements will not be part of the published 2021 T3 income tax return. This note will be updated when more information is available. You should not delay filing your 2021 T3 tax return.2

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