New Trust Reporting Rules Introduced for 2023 – What you need to know
There is a new tax reporting rule for the year ending December 31, 2023, we want you to be aware of as we think it could impact you or someone you know. The change applies to trust arrangements, most notably “bare trusts”. Many people may not know what a bare trust is, so unknowingly many of you fall into this scenario and as such, are affected by the new rule. We anticipate several Canadians will be required to file a separate T3 Trust Return in addition to their normal T1 Personal Tax Return.