It’s Here! New and Expanded T3 Trust Reporting!

New rules originally released in 2018 aimed at providing more transparency on beneficial ownership of assets now require more trusts and estates to file tax returns.

The new rules are broad and include cases where a trust acts as an agent for its beneficiaries. This structure is commonly referred to as a “bare trust”. There is however, no expansion or increase of the tax involved but there is a requirement to file a Trust Tax return in many situations where there was no prior requirement to.

Highlights of this newsletter include commentary on:

  • Does a bare trust arrangement exist,
  • Does a trust return need to be filed, and
  • What information must be disclosed?

Check out the full newsletter below, and please reach out for further information.

Expanded T3 Reporting Rules