New Trust Reporting Requirements: It’s Almost Time
UPDATE (Jan 15, 2022): The CRA announced on January 14, 2022 that the trust reporting and filing requirements will not apply to 2021 T3 returns. The CRA has indicated it continues to work on the legislation and the new requirements will apply once the legislation has received Royal Assent. We will provide further updates as we get them.
- file income tax returns annually in the form of a T3 Trust Income Tax and Information Return (T3);
- report all the settlors, trustees and beneficiaries of the trust; and
- identify any persons who exert control over the trustee’s decisions concerning income and capital (“protectors”).