On March 28, 2024, the Canada Revenue Agency (CRA) announced changes to the reporting rules for trusts, bare trusts are exempt from trust reporting requirements for 2023.

CRA has recognized that the new reporting requirements for bare trusts had an impact on Canadians. Thus, for the 2023 tax year, bare trusts won’t have to file a T3 Income Tax and Information Return (T3 return) or Schedule 15 (Beneficial Ownership Information of a Trust), unless the CRA specifically requests one. 

Please follow this link to CRA’s website on the reporting exemption on bare trusts for the 2023 tax year.

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Should you have any questions, please do not hesitate to contact our team at 905-475-5200