On October 29, 2024, the Canada Revenue Agency (CRA) released a statement providing for a continuation of an existing exemption, exempting bare trusts from having to file a T3 Income Tax and Information Return, including Schedule 15, for the 2024 tax year. The exemption applies unless the CRA makes a direct request for a filing.
This announcement comes in advance of the filing deadline of March 31, 2025. However, it is important to note that this announcement only applies to bare trusts and does not apply to express and other affected trusts, which will be required to file for the 2024 tax year.
While this exemption is a continuation from the 2023 tax year, it is unknown if this exemption will continue in the future. We will continue to monitor developments regarding bare trust reporting requirements.
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