Bare trusts are exempt from trust reporting requirements for 2024

We've just learned that the Canada Revenue Agency (CRA) has introduced new reporting requirements for trusts. The 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 2024 tax year, unless the CRA makes a direct request for these filings.

Get more information here.