News & Updates

CRA Exempts Bare Trusts from Reporting Requirements for 2023

March 28, 2024

On March 28, 2024, the Canada Revenue Agency (CRA) has announced that bare trusts are exempt from having to file a T3 Income Tax and Information Return (including Schedule 15) for the 2023 tax year, unless the CRA specifically requests these filings. This exemption recognizes the unintended impact of the new reporting requirements on Canadians. Bare trusts will not be required to submit these forms unless directly requested by the CRA.

Key Points:

Exemption for Bare Trusts: Bare trusts are not required to file T3 returns for 2023 unless the CRA makes a direct request.

Filing Deadline: Trusts, other than bare trusts, must file by April 2, 2024 (since March 30, 2024, falls on a Saturday).

Further Guidance: The CRA will provide additional guidance in the coming months.

Tags: Taxation