Do the CRA’s New ‘Bare Trust’ Tax Filing Rules Apply to You?

Published on March 18, 2024

The Canada Revenue Agency’s new bare trust reporting rules will mean extra work for some Canadians filing a tax return this year. A bare trust is an informal arrangement and can occur simply by adding someone’s name to an account or deed. Most bare trusts now require a T3 Trust Income Tax and Information Return be filed, according to the Revenue Agency website. “As a result, many trusts that did not previously have to file are now required to file an annual T3 return,” the agency said on its website. “The changes will help the CRA verify that trusts, their fiduciaries, beneficiaries, and related parties have met their tax and filing obligations under the Income Tax Act.”...

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