On October 29, 2024, the Canada Revenue Agency (CRA) announced that bare trusts will not be required to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust) for the 2024 tax year, “unless the CRA makes a direct request for these filings.” This continues the exemption from trust reporting requirements that was issued for bare trusts for the 2023 taxation year.

This exemption does not impact other affected trusts that have taxation years ending after December 30, 2023, which will still be required to file T3 returns, including Schedule 15, barring specific conditions being met. The CRA has provided a link with more info on this topic.

Applicable T3s must be filed no later than 90 days after the trust’s tax-year-end.

Carters has written extensively on the trust reporting issue. For our latest long-form Bulletin from August 2024, click here.