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.

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