Bare Trusts Now Exempt from New Reporting Rules in 2023

THURSDAY, MARCH 28, 2024

Dear Clients, 

With just days remaining before the April 2 deadline for filing trust returns, the CRA has made a last minute announcement that it won't require Bare Trust (T3) tax returns for 2023.  

We had previously written about the new requirements.  CRA has acknowledged that the onerous new bare trust filing requirement has had “an unintended impact on Canadians”. 

You can read the full press release here.

If you have any questions please reach out to a member of the RMR team.