Canada:
New Trust Reporting Rules Delayed
10 November 2022
Aird & Berlis LLP
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The Minister of Finance previously released draft legislation to
require the disclosure of certain information on each trustee,
beneficiary, settlor and protector of a trust, subject to limited
exceptions. As a result of these changes, which were set to apply
for taxation years ending after December 30, 2022, more trusts
would also have to file an annual income tax return. It is
important to note that bare trusts would be subject to these new
trust reporting rules.
On Friday, November 4, 2022, the Minister of Finance tabled
draft legislation proposing that the new trust reporting rules,
including the reporting rules applicable to bare trusts, would be
delayed by one year and would apply to taxation years that end
after December 30, 2023.
If you have any questions or would like more information on
these changes, please contact amember of our Tax Group.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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