Update #3: Are you Ready for the New Trust Reporting Rules
For the second year in a row, the federal government has delayed the implementation of the new reporting rules for trusts by a year.
Bill C-32 was tabled in the House of Commons on November 4, 2022 and includes the new reporting rules for trusts. The new reporting rules are the same as outlined in our November 3, 2022 communication https://fruitman.ca/update-2-are-you-ready-for-the-new-trust-reporting-rules/ with the exception that they will not apply until December 31, 2023 and future taxation years, assuming the bill is passed into law.
This is good news as it provides Trustees more time to prepare and understand the new reporting requirements.