In recognition that the new reporting requirements for bare trusts have had an unintended impact on Canadians, the Canada Revenue Agency will not require bare trusts to file a T3 for the 2023 tax year, unless the CRA makes a direct request for these filings.
The CRA defines a bare trust as 'arrangement under which the trustee can reasonably be considered to act as agent for all the beneficiaries under the trust with respect to all dealings with all of the trust's property.'
Collection
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