{"id":37711,"date":"2024-03-28T18:13:48","date_gmt":"2024-03-28T22:13:48","guid":{"rendered":"https:\/\/www.cccc.org\/news_blogs\/?p=37711"},"modified":"2024-03-28T18:13:50","modified_gmt":"2024-03-28T22:13:50","slug":"important-trust-reporting-update-bare-trusts-are-exempt-for-2023","status":"publish","type":"post","link":"https:\/\/cccc.org\/news_blogs\/legal\/2024\/03\/28\/important-trust-reporting-update-bare-trusts-are-exempt-for-2023\/","title":{"rendered":"Important Trust Reporting Update: Bare Trusts are Exempt for 2023"},"content":{"rendered":"\n<p>CRA announced today that <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/news\/newsroom\/tax-tips\/tax-tips-2024\/bare-trusts-exempt-from-trust-reporting-requirements-2023.html\" target=\"_blank\" rel=\"noreferrer noopener\">bare trusts are not required to file a T3<\/a> Income Tax and Information Return (T3 Return) for the 2023 tax year, unless CRA makes a direct request for the filings.<\/p>\n\n\n\n<p>The CRA has recognized the \u201cunintended impact on Canadians\u201d as a result of the new reporting requirements and will work with the Department of Finance to clarify its guidance about the requirements. As this information becomes available, CRA will communicate it to the public.<\/p>\n\n\n\n<p>Before CRA provided this exemption for bare trusts, <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/trust-administrators\/t3-return\/new-trust-reporting-requirements-t3-filed-tax-years-ending-december-2023.html#toc2\" target=\"_blank\" rel=\"noreferrer noopener\">penalties for late filings were already going to be waived<\/a> (except in the case of gross negligence). Instead of penalties, CRA was adopting an education first approach to compliance for this new reporting requirement.<\/p>\n\n\n\n<p>A full exemption for the 2023 tax year is a welcome change. Because bare trusts are not well defined and dependent on the facts of each situation, many charities were uncertain about whether a T3 was required. We trust (pun intended!) that forthcoming information from CRA and Finance will provide the necessary clarity.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What are bare trusts?<\/h2>\n\n\n\n<p>As the CRA explains, \u201c<a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/trust-administrators\/t3-return\/new-trust-reporting-requirements-t3-filed-tax-years-ending-december-2023.html#toc2\" target=\"_blank\" rel=\"noreferrer noopener\">bare trust<\/a>\u201d is not defined in the <em>Income Tax Act<\/em>. For income tax purposes, a bare trust is<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201c\u2026a trust arrangement under which the trustee can reasonably be considered to act as agent for all the beneficiaries under the trust with respect to all dealings with all of the trust\u2019s property.\u201d<\/p>\n<\/blockquote>\n\n\n\n<p>CRA gives an example: \u201ca property developer establishes a bare trust arrangement that will hold registered title to real property, while the developer retains beneficial ownership.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What are the new trust reporting requirements?<\/h2>\n\n\n\n<p>The main changes to trust reporting are that:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Many more trusts (subject to certain conditions) must file an annual T3 Return\n<ul class=\"wp-block-list\">\n<li><span style=\"color: initial;\">Trusts formed as charities are exempt<\/span><\/li>\n\n\n\n<li><a href=\"https:\/\/www.cccc.org\/news_blogs\/legal\/2023\/11\/10\/blog-post-charities-do-not-have-to-file-t3-returns-for-internal-trusts\/\" target=\"_blank\" rel=\"noreferrer noopener\">Registered charities\u2019 internally held trusts are exempt<\/a><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Trusts required to file a T3 <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/trust-administrators\/t3-return\/how-file-t3-return.html#exceptions\" target=\"_blank\" rel=\"noreferrer noopener\">generally<\/a> need to complete <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/forms-publications\/forms\/t3sch15.html\" target=\"_blank\" rel=\"noreferrer noopener\">Schedule 15 to report beneficial ownership information<\/a><\/li>\n\n\n\n<li>Bare trusts are subject to the reporting rules but are exempt from 2023 reporting and future reporting will be subject to clarifications from CRA and Finance<\/li>\n<\/ul>\n\n\n\n<p>These changes stem from bill C-32, <a href=\"https:\/\/www.parl.ca\/DocumentViewer\/en\/44-1\/bill\/C-32\/royal-assent\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Fall Economic Statement Implementation Act, 2022<\/em><\/a> (Bill C-32. This bill added new subsections to section 150 of the <em>Income Tax Act<\/em>, requiring more trusts to file T3s. It also expanded the list of information that must be reported in the T3 Return (see the <a href=\"https:\/\/www.canlii.org\/en\/ca\/laws\/regu\/crc-c-945\/latest\/crc-c-945.html\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Income Tax Regulations<\/em><\/a>).<\/p>\n\n\n\n<p>Trusts that are formed as registered charities are specifically excluded, and in November, 2023, CRA confirmed that charities do not have to file separate T3s for internally held trusts.<\/p>\n\n\n\n<p>For more, see our blog post <a href=\"https:\/\/www.cccc.org\/news_blogs\/legal\/2023\/11\/10\/blog-post-charities-do-not-have-to-file-t3-returns-for-internal-trusts\/\" target=\"_blank\" rel=\"noreferrer noopener\">Charities Do Not Have to File T3 Returns for Internal Trusts<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">When would T3s normally be due?<\/h2>\n\n\n\n<p>The filing deadline depends on the trust\u2019s tax year-end. Generally, trusts are required to have a December 31 tax year-end. The T3 must be filed no later than 90 days after the trust\u2019s tax year-end.<\/p>\n\n\n\n<p>For detailed information about the T3, see CRA\u2019s <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/forms-publications\/publications\/t4013\/t3-trust-guide.html\" target=\"_blank\" rel=\"noreferrer noopener\">T3 Trust Guide &#8211; 2023<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CRA announced today that bare trusts are not required to file a T3 Income Tax and Information Return (T3 Return) for the 2023 tax year, unless CRA makes a direct request for the filings. The CRA has recognized the \u201cunintended impact on Canadians\u201d as a result of the new reporting&#8230; <a href=\"https:\/\/cccc.org\/news_blogs\/legal\/2024\/03\/28\/important-trust-reporting-update-bare-trusts-are-exempt-for-2023\/\" class=\"linkbutton\">More<\/a><\/p>\n","protected":false},"author":10,"featured_media":37712,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ts_fic_featured_image_caption":"Hands holding up an alarm clock with a red face, white arms and white numbers in front of a light blue background; Photo by <a href=\"https:\/\/unsplash.com\/@malvestida?utm_content=creditCopyText&utm_medium=referral&utm_source=unsplash\">Malvestida<\/a> on <a href=\"https:\/\/unsplash.com\/photos\/person-holding-red-and-beige-twin-bell-analog-alarm-clock-FfbVFLAVscw?utm_content=creditCopyText&utm_medium=referral&utm_source=unsplash\">Unsplash<\/a>   ","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[137],"tags":[240,163,695,666],"series":[],"class_list":["post-37711","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-charities","tag-cra","tag-information-return","tag-trusts"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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CRA\u2019s Update We are very pleased to see that CRA will not require registered charities to file separate T3 Trust Income Tax and Information Returns for internally held trusts. 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What is Not in the\u2026","rel":"","context":"In \"charities\"","block_context":{"text":"charities","link":"https:\/\/cccc.org\/news_blogs\/tag\/charities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/cccc.org\/news_blogs\/wp-content\/uploads\/2025\/08\/LB-New-Blog-Post-Template-300-x-300-px-8.png?fit=1200%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/cccc.org\/news_blogs\/wp-content\/uploads\/2025\/08\/LB-New-Blog-Post-Template-300-x-300-px-8.png?fit=1200%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/cccc.org\/news_blogs\/wp-content\/uploads\/2025\/08\/LB-New-Blog-Post-Template-300-x-300-px-8.png?fit=1200%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/cccc.org\/news_blogs\/wp-content\/uploads\/2025\/08\/LB-New-Blog-Post-Template-300-x-300-px-8.png?fit=1200%2C1200&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/cccc.org\/news_blogs\/wp-content\/uploads\/2025\/08\/LB-New-Blog-Post-Template-300-x-300-px-8.png?fit=1200%2C1200&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":28137,"url":"https:\/\/cccc.org\/news_blogs\/legal\/2019\/02\/12\/t3010-political-activities-update\/","url_meta":{"origin":37711,"position":3},"title":"T3010 Political Activities Update","author":"Deina Warren","date":"February 12, 2019","format":false,"excerpt":"CRA reports that the reporting requirements on the T3010 for a charity's spending on political activities are no longer relevant. You do not have to answer those questions. Here is what CRA says: 2019-02-01 In December 2018, the rules governing the political activities of registered charities changed as a result\u2026","rel":"","context":"In \"CRA\"","block_context":{"text":"CRA","link":"https:\/\/cccc.org\/news_blogs\/tag\/cra\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":34082,"url":"https:\/\/cccc.org\/news_blogs\/legal\/2022\/02\/22\/federal-finance-consultations-on-draft-tax-proposals\/","url_meta":{"origin":37711,"position":4},"title":"Federal Finance Consultations on Draft Tax Proposals","author":"Deina Warren","date":"February 22, 2022","format":false,"excerpt":"The Federal Department of Finance is consulting the public on draft tax legislation and regulations. There are a lot of proposed changes and, depending on the topic, different deadlines for submission. We haven\u2019t listed all of them here, but a few that may be of interest. 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