Beneficial Ownership Reporting Requirements for T3 Returns

Budget 2018 proposed that certain trusts provide additional beneficial ownership information on an annual basis. Because of this change, certain trusts needed to file a T3 tax return for 2021 and subsequent years, when in prior years they were not.

Legislation Still Pending

As of late January 2022, the legislation to support this proposed measure was still pending. Until it receives Royal Assent, the Canada Revenue Agency (CRA) will continue to administer the existing rules for trusts. 

This means the proposed beneficial ownership reporting requirements will not be part of the published 2021 T3 income tax return, and that T3 income tax returns for 2021 have the same form filing requirements as in prior years.

The CRA is advising that you not delay filing of 2021 T3 tax returns due to the pending legislation. Electronic filing for T3 returns opens on February 21, 2022. (See T3RET EFILE Coming Soon for details.)

More Information

For more details on the types of trusts affected by this proposed change, please see the CRA page on Reporting Requirements for Trusts. The CRA will update this page once more information is available.