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New Trust Reporting Requirements Start Preparing Now

Updated on October 31, 2023

New filing requirements for trust will apply for taxation years ending on or after December 31, 2023.

As a result, many trusts that currently do not have to file a Trust Income Tax and Information Return (T3) will be required to file such a return annually. Additionally, extensive information regarding the identity of all trustees, beneficiaries and settlors will therefore have to be disclosed in the T3 return.

These new requirements, applicable for the 2023 and subsequent taxation years, will increase the administrative burden on trustees, especially for trusts that have never filed a T3 return in the past.

The following provides an overview of the new rules to help you prepare.

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