Incorrect CRA Penalty for Late-filed Bare Trusts

The Canada Revenue Agency (CRA) is incorrectly charging some bare trusts a penalty for late filing a T3 return containing T3 Schedule 15 (Beneficial Ownership Information of a Trust) after March 30 and before April 3, 2024.

The CRA is aware of this error and is currently assessing affected accounts to remove the penalty and issue a notice of reassessment. 

For more information, see the CRA’s page about New reporting requirements for trusts