New trust reporting requirements for tax years ending after December 30, 2023
Recently a lot of people have asked me about “Bare Trust” and reporting requirements. In short, there are new reporting requirements for T3 returns for tax years ending 2023. A “Bare Trust” may exist when a parent puts on a adult child on title for estate-planning. As penalties for not filling can be high you should ask your accountant about requirements. Here is the CRA link
