The Canada Revenue Agency (CRA) will not require bare trusts to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust) for the 2024 tax year, unless the CRA makes a direct request for these filings. This is a continuation of the exemption from the trust reporting requirements that was issued for bare trusts for the 2023 tax year.
This relief only extends to bare trusts and not other trusts still required to file under the expanded reporting and disclosure rules. The deadline for the T3 return is no later than 90 days after the trust’s tax year-end. The tax year-end for most trusts is the end of the calendar year. Trusts with a December 31, 2024, tax year-end will need to file their T3 Return by March 31, 2025.
