CRA: Updates to Trust Reporting Requirements for 2025

The Canada Revenue Agency (CRA) has issued an update regarding trust reporting requirements for the 2025 taxation year, including updates for bare trusts.

These updates reflect changes proposed in Bill C-15, An Act to implement certain provisions of the budget tabled in Parliament on November 4, 2025, and affect how and when certain trusts need to file their T3 return.

While taxpayers can still choose to file under currently enacted legislation, the CRA has confirmed that it will administer the proposed changes from Bill C-15 to the trust reporting rules. If these changes are not enacted, the CRA will provide further direction at that time.

What you need to know

• Bare Trusts: The CRA does not expect bare trusts to file a T3 return including Schedule 15 (Beneficial Ownership Information of a Trust) for the 2025 taxation year. However, certain bare trusts may be required to file for taxation years ending in 2026 and subsequent tax years.
• Other Trusts: Unless specific exceptions apply, all other trusts are still required to file a T3 return, including Schedule 15, for the 2025 taxation year.
• Filing Deadline: For trusts with a year-end date of December 31, 2025, the filing deadline is March 31, 2026. T3 returns including Schedule 15 must be filed no later than 90 days after the trust’s tax year-end to avoid penalties.

The CRA has updated the T4013 T3 Trust Guide for 2025 and the associated T3 return forms to reflect these changes.

Helpful Links

For more information, please refer to the following CRA pages:

• Filing a trust’s T3 return
• Enhanced reporting rules for trusts and bare trusts: Frequently asked questions