New Bare Trust Reporting Rules
Under new Canadian legislation, bare trust arrangements are now subject to the filing requirements of a T3 Trust Income Tax and Information return. This new legislation applies to trusts with tax years ending on or after December 31, 2023, with significant penalties for failure to comply.
In this important tax alert, authored by RSM Canada, they highlight what information is required to be reported, the deadlines, penalties for non-compliance, and which trusts may be exempt from filing.
