Bare trusts are exempt from trust reporting requirements for 2023

We've just learned that the CRA has introduced new reporting requirements for trusts. The Canada Revenue Agency (CRA) will not require bare trusts to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust), for the 2023 tax year, unless the CRA makes a direct request for these filings.

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