The CRA has introduced new trust reporting requirements for T3 returns filed for tax years ending after December 30th, 2023.

The three main changes under the new rules are:

  • All trusts, unless certain conditions are met, will be required to file an annual T3 return with the CRA

  • Bare trusts are now subject to filing trust returns

  • Trusts that are required to file a T3 Return generally need to complete Schedule 15 in their annual return to report beneficial ownership information

Schedule 15 requires the following information on all trustees, settlors, beneficiaries and controlling persons for the trust:

  • Name

  • Address

  • Date of birth (if applicable)

  • Country of Residence

  • Tax Identification Number (i.e. Social Insurance Number, Business Number, Trust Number, or, in the case of a non-resident trust, the ID number assigned by a foreign jurisdiction.

This information must be submitted on Schedule 15 as part of the T3 Trust Return and cannot be submitted directly to the CRA at this time.

Please note that if you are filing a trust return for the first time, a trust account number is required.

Failure to file an annual T3 return for a trust, including Schedule 15 where required, may result in a penalty. The deadline to file is 90 days after the trust’s year end date (for December 31st, 2023, the filing is due by March 30th, 2024)

Please see the CRA website below for further details of the update.

CRA new trust reporting requirements