New trust reporting requirements for T3 returns filed for tax years ending after December 30, 2023
The Canada Revenue Agency (CRA) is dedicated to providing you with the highest quality service in the most efficient way possible. Here you will find questions and answers about the new trust reporting rules.
The rules governing which trusts must file an annual T3 Trust Income Tax and Information Return ("T3 Return") have been changed for trusts with a taxation year ending after December 30, 2023. Specifically, all trusts, unless specific conditions are met, must now provide a T3 Return including additional beneficial ownership information on an annual basis. Additionally, bare trusts may now be required to file an annual T3 Return. As a result, many trusts that did not previously have to file are now required to file an annual T3 Return.
These changes were made as part of Canada’s continuous efforts to ensure the effectiveness and integrity of the Canadian tax system. The changes will help the CRA verify that trusts, their fiduciaries, beneficiaries, and related parties have met their tax and filing obligations under the Income Tax Act:
- Trust reporting requirements for T3 returns filed for tax years ending after December 30, 2023
- Affected trusts
- Bare trusts
- Legal representatives (Primary Trustee)
- Trust account number
- Mandatory disclosure and underused housing rules
- More information