{"id":6874,"date":"2024-02-02T11:09:26","date_gmt":"2024-02-02T19:09:26","guid":{"rendered":"https:\/\/www.thor.ca\/?post_type=tax_alert&#038;p=6874"},"modified":"2025-02-14T13:06:45","modified_gmt":"2025-02-14T21:06:45","slug":"cra-releases-guidance-on-new-trust-reporting-rules","status":"publish","type":"post","link":"https:\/\/www.thor.ca\/blog\/2024\/02\/cra-releases-guidance-on-new-trust-reporting-rules\/","title":{"rendered":"CRA releases guidance on new trust reporting rules"},"content":{"rendered":"<p>The CRA has released an <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\">FAQ page<\/a> regarding the new reporting rules in respect of trusts for taxation years ending on or after December 31, 2023. As stated by the CRA, \u201cmany trusts that did not previously have to file are now required to file an annual T3 Return.\u201d This includes a \u201cbare trust\u201d, which, per subsection 150(1.3) of the <em>Income Tax Act<\/em>, includes \u201can 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 For trusts (including bare trusts) with a December 31, 2023 taxation year-end, the deadline provided by the CRA to file a T3 tax return is April 2, 2024.<\/p>\n<p>The CRA has also released its <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/forms-publications\/publications\/t4013\/t3-trust-guide.html\">T3 Trust Guide<\/a> for 2023, which contains additional instructions in regards to filing T3 returns for trusts having regard to the new rules.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The CRA has released an <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\">FAQ page<\/a> regarding the new reporting rules in respect of trusts for taxation years ending on or after December 31, 2023. As stated by the CRA, \u201cmany trusts that did not previously have to&hellip;<\/p>\n","protected":false},"author":49,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53],"tags":[],"class_list":["post-6874","post","type-post","status-publish","format-standard","hentry","category-tax-alerts"],"_links":{"self":[{"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/posts\/6874","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/users\/49"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/comments?post=6874"}],"version-history":[{"count":1,"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/posts\/6874\/revisions"}],"predecessor-version":[{"id":7237,"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/posts\/6874\/revisions\/7237"}],"wp:attachment":[{"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/media?parent=6874"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/categories?post=6874"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/tags?post=6874"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}