Previously, we had informed you of new trust reporting requirements for bare trusts which came into effect for 2023 (with a filing deadline of April 2, 2024).

On March 28, 2024 Canada Revenue Agency announced that bare trusts will be exempt from trust reporting requirements for 2023, unless the Canada Revenue Agency makes a direct request for these filings. At this time, requirements for 2024 and future years are unknown.

CRA has indicated that it will work with the Department of Finance to clarify its guidance on the filing requirement and will communicate with Canadians as further information comes available.  We will share those developments with you as they are released.

 Along with most of Canadians, we wish this decision could have been made sooner.  If you would like further information or to contact CRA directly, please refer to CRA’s Tax Tip.