CRA BULLETIN ON BARE TRUST FILING OBLIGATIONS

We wished to share some good, albeit last-minute, news that CRA released today relating to the T3 trust return filing obligations for bare trusts. CRA has now advised that they will not require a T3 return filing for bare trusts for the 2023 tax year, unless otherwise required to do so by CRA.

Previously, CRA had announced that they would waive penalties relating to late-filed 2023 T3 returns for bare trusts, which otherwise would have been due on March 30.

For those who have yet to file the T3 returns of their bare trusts, today’s news is a welcome development. CRA has indicated that they’ll be working with the Department of Finance to re-define the filing requirements for bare trusts.

For more information, please see today’s release from CRA’s newsroom here.