UPDATE:  March 28, 2024 (1:15 p.m.)
CRA just released an update on bare trust filing requirements, and has advised that 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 2023 tax year, unless the CRA makes a direct request for those filings.

The full notice can be found at this link: https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2024/bare-trusts-exempt-from-trust-reporting-requirements-2023.html?utm_source=Master+Email+List&utm_campaign=1c6ce21145-N2N_PT_2024_LAUNCH_COPY_01&utm_medium=email&utm_term=0_-9f60340710-%5BLIST_EMAIL_ID%5D

~ ~ ~
The new trust reporting rules... the latest "gift" from the Federal Ministry of Finance... :)  Tune in to Part 3 of this short series of mini-episodes on trusts to learn a little bit about the new trust reporting rules, and when they apply.   If you have a family trust, or if you have co-signed a mortgage, or added someone to title to property for the purposes of avoiding probate, you should probably listen to this episode, as the new rules will likely apply to you!

- What are the new rules and why are you being asked for additional information? (0:58)
- Express trusts (3:10)
- Exceptions to the rules (5:00)
- Penalties (6:27)
- What does this mean for trusts? (7:25)
- Bare trusts (8:25)

RESOURCES DISCUSSED ON THIS EPISODE:

• New reporting requirements for trusts (CRA Website) 
• Financial Post Article by Allan Lanthier
• Advotax Blog Post - Basic Guide on Bare Trusts for Canadian Taxpayers 

HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:

• My website! 
• Email: [email protected]
• @tax.chick (IG) 
• LinkedIn
• Be a "Tax Chick VIP"