Skip to main content

Sheryne Mecklai

Tax Partner at Manning Elliott Vancouver
March 29, 2024

Bare Trusts are no longer required to file tax returns for the 2023 taxation year

On March 28, 2024 the CRA announced that bare trusts will no longer have to file T3 Trust Income Tax and Information Returns (T3 returns) for the 2023 year including the completion of Schedule 15, “Beneficial Ownership Information of a Trust” unless CRA makes a direct requests for these trusts to file.  This announcement came four days before the filing deadline.

Legislation was enacted last year to require bare trusts (which did not have to file returns previously) to file T3 returns which included meeting the new information requirements.  Given the timing of this announcement, many bare trusts were in the process of preparing T3 returns (including the additional beneficial ownership information) or had already filed these returns for the first time. 

The relief announced on March 28th is with respect to the 2023 taxation year only.  The CRA has said it will be working to “further clarify its guidance on this filing requirement”.  

It is important to note that this relief does not impact the filing and additional information requirement for non-bare trusts.  All non-bare trusts must still comply with the filing requirements and these returns are due on April 2, 2024.

Still Have Questions About Bare Trusts ?

Please contact one of our Manning Elliott team members if you need clarification on bare trusts.

We regularly post new blogs and up-to-date articles on the most recent provincial and federal taxation changes. 

NOTE: Tax laws are complex and are subject to frequent change. The contents of this Manning Elliott article are not intended to represent legal or tax advice. Please consult your tax adviser before employing any strategies that may have been discussed within this article.