ARTICLE
15 April 2024

Last Minute Announcement – Bare Trusts Exempt From 2023 T3 Reporting Requirement

WL
WeirFoulds LLP

Contributor

WeirFoulds LLP has established itself as one of Canada’s premier regional law firms and has provided strategic, cost-effective and innovative legal advice to our clients since 1860. We partner with our clients to offer full access to our business acumen and insights in four broad areas of practice: (1) Corporate; (2) Litigation; (3) Property; and (4) Government.
The Canada Revenue Agency ("CRA") announced today that they will not require bare trusts to file a 2023 T3 return (including Schedule 15) unless it makes a direct request for the filing.
Canada Family and Matrimonial
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The Canada Revenue Agency ("CRA") announced today that they will not require bare trusts to file a 2023 T3 return (including Schedule 15) unless it makes a direct request for the filing. The CRA indicates that it will work with the Department of Finance to clarify its guidance for bare trust filings. The timing of this announcement – the last business day before the filing deadline – is very unfortunate and it is extremely unfair to accountants (who are already overworked at this time of year) and their clients who sought to comply with the rules. The CRA seems to be making a bad habit of these last minute announcements (recall the multiple last minute extensions to file the 2022 Underused Housing Tax return).

The CRA announcement can be accessed here.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

ARTICLE
15 April 2024

Last Minute Announcement – Bare Trusts Exempt From 2023 T3 Reporting Requirement

Canada Family and Matrimonial

Contributor

WeirFoulds LLP has established itself as one of Canada’s premier regional law firms and has provided strategic, cost-effective and innovative legal advice to our clients since 1860. We partner with our clients to offer full access to our business acumen and insights in four broad areas of practice: (1) Corporate; (2) Litigation; (3) Property; and (4) Government.
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