Trusts - Changes for the 2024 tax year
Bill C-32 introduced enhanced reporting requirements for
trusts. These rules apply to most trusts with a taxation year-ending on or
after December 31, 2023, including trusts that have never filed a return
previously. For additional information, please view the Canada Revenue Agency guidance.
For a T3 return (Form T3 RET, T3 Trust Income Tax and
Information Return) your filing due date depends on the trust’s tax year-end.
You have to file a T3 return, the related T3 slips, NR4
slips, and T3 and NR4 summaries no later than 90 days after the trust’s tax
year-end. You should also pay any balance owing no later than 90 days after
that year-end.
For example: For a Trust with a calendar year-end
(December 31, 2024), the due date is March 31, 2025.
2023 Bare Trust Filing Exemption: On March
28, 2024, the Canada Revenue Agency (CRA)
announced that bare trusts would be exempt from filing for the 2023
tax year only as they recognized the challenge in identifying bare
trusts. The CRA said in their press release that over the coming months they
would work with the Department of Finance to further clarify its guidance on
this filing requirement. The CRA stated they would communicate with Canadians
as further information becomes available. Unless further guidance is released
that states otherwise, bare trusts should expect to file for the 2024 tax year