{"id":27063,"date":"2024-03-31T15:15:06","date_gmt":"2024-03-31T15:15:06","guid":{"rendered":"https:\/\/3ataxservicespc.ca\/?p=27063"},"modified":"2024-10-11T03:45:35","modified_gmt":"2024-10-11T03:45:35","slug":"new-bare-trusts-are-exempt-from-trust-reporting-requirements-for-2023","status":"publish","type":"post","link":"https:\/\/3ataxservicespc.ca\/index.php\/2024\/03\/31\/new-bare-trusts-are-exempt-from-trust-reporting-requirements-for-2023\/","title":{"rendered":"NEW \u2013 Bare trusts are exempt from trust reporting requirements for 2023"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"27063\" class=\"elementor elementor-27063\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e9b0d39 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e9b0d39\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e053812\" data-id=\"e053812\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cad7e8b elementor-widget elementor-widget-text-editor\" data-id=\"cad7e8b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>To support ongoing efforts to ensure the effectiveness and integrity of Canada\u2019s tax system, the Government of Canada introduced new reporting requirements for trusts.<\/p><p>In recognition that the new reporting requirements for bare trusts have had an unintended impact on Canadians, the Canada Revenue Agency (CRA)\u00a0<strong>will not require bare trusts to file<\/strong>\u00a0<strong>a T3\u00a0<\/strong><em><b>Income Tax and Information Return<\/b><\/em><strong>\u00a0(T3 return), including Schedule 15 (<\/strong><em><b>Beneficial Ownership Information of a Trust<\/b><\/em><strong>), for the 2023 tax year<\/strong>, unless the CRA makes a direct request for these filings.<\/p><p>Over the coming months, the CRA will work with the Department of Finance to further clarify its guidance on this filing requirement. The CRA will communicate with Canadians as further information becomes available.<\/p><p><strong>Still have questions?<\/strong><\/p><p>Find out more with our answers to frequently asked questions on the\u00a0<a title=\"Protected by Outlook: 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. Click or tap to follow the link.\" href=\"https:\/\/na01.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fwww.canada.ca%2Fen%2Frevenue-agency%2Fservices%2Ftax%2Ftrust-administrators%2Ft3-return%2Fnew-trust-reporting-requirements-t3-filed-tax-years-ending-december-2023.html&amp;data=05%7C02%7C%7C0fa3f388faf648effe1d08dc4ffde6bd%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C638473199121684818%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=yIYZ2J28ptUOOxZ5SbSxbQ%2B51Z0KrD8UFvADMylO4j4%3D&amp;reserved=0\" target=\"_blank\" rel=\"noopener noreferrer\" data-auth=\"Verified\" data-linkindex=\"0\">new reporting requirements for trusts<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>To support ongoing efforts to ensure the effectiveness and integrity of Canada\u2019s tax system, the Government of Canada introduced new reporting requirements for trusts. In recognition that the new reporting requirements for bare trusts have had an unintended impact on Canadians, the Canada Revenue Agency (CRA)\u00a0will not require bare trusts to file\u00a0a T3\u00a0Income Tax and &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"ast-button\" href=\"https:\/\/3ataxservicespc.ca\/index.php\/2024\/03\/31\/new-bare-trusts-are-exempt-from-trust-reporting-requirements-for-2023\/\"> <span class=\"screen-reader-text\">NEW \u2013 Bare trusts are exempt from trust reporting requirements for 2023<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":5,"featured_media":27451,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[56],"tags":[],"class_list":["post-27063","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-tips"],"aioseo_notices":[],"uagb_featured_image_src":{"full":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/g5eb069b139ade735f95d2ee6e90c0a084000ce09dd3d158028be562aa915c935a718e1e1312d650ae6a0eac8bd076aa55b8281bc8a5cca1b669c546aec30b2b0_1280-5146199-e1728618287857.jpg",1280,800,false],"thumbnail":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/g5eb069b139ade735f95d2ee6e90c0a084000ce09dd3d158028be562aa915c935a718e1e1312d650ae6a0eac8bd076aa55b8281bc8a5cca1b669c546aec30b2b0_1280-5146199-e1728618287857-150x150.jpg",150,150,true],"medium":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/g5eb069b139ade735f95d2ee6e90c0a084000ce09dd3d158028be562aa915c935a718e1e1312d650ae6a0eac8bd076aa55b8281bc8a5cca1b669c546aec30b2b0_1280-5146199-e1728618287857-300x188.jpg",300,188,true],"medium_large":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/g5eb069b139ade735f95d2ee6e90c0a084000ce09dd3d158028be562aa915c935a718e1e1312d650ae6a0eac8bd076aa55b8281bc8a5cca1b669c546aec30b2b0_1280-5146199-e1728618287857-768x480.jpg",768,480,true],"large":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/g5eb069b139ade735f95d2ee6e90c0a084000ce09dd3d158028be562aa915c935a718e1e1312d650ae6a0eac8bd076aa55b8281bc8a5cca1b669c546aec30b2b0_1280-5146199-e1728618287857-1024x640.jpg",1024,640,true],"1536x1536":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/g5eb069b139ade735f95d2ee6e90c0a084000ce09dd3d158028be562aa915c935a718e1e1312d650ae6a0eac8bd076aa55b8281bc8a5cca1b669c546aec30b2b0_1280-5146199-e1728618287857.jpg",1280,800,false],"2048x2048":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/g5eb069b139ade735f95d2ee6e90c0a084000ce09dd3d158028be562aa915c935a718e1e1312d650ae6a0eac8bd076aa55b8281bc8a5cca1b669c546aec30b2b0_1280-5146199-e1728618287857.jpg",1280,800,false],"woocommerce_thumbnail":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/g5eb069b139ade735f95d2ee6e90c0a084000ce09dd3d158028be562aa915c935a718e1e1312d650ae6a0eac8bd076aa55b8281bc8a5cca1b669c546aec30b2b0_1280-5146199-e1728618287857-300x300.jpg",300,300,true],"woocommerce_single":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/g5eb069b139ade735f95d2ee6e90c0a084000ce09dd3d158028be562aa915c935a718e1e1312d650ae6a0eac8bd076aa55b8281bc8a5cca1b669c546aec30b2b0_1280-5146199-e1728618287857-600x375.jpg",600,375,true],"woocommerce_gallery_thumbnail":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/g5eb069b139ade735f95d2ee6e90c0a084000ce09dd3d158028be562aa915c935a718e1e1312d650ae6a0eac8bd076aa55b8281bc8a5cca1b669c546aec30b2b0_1280-5146199-e1728618287857-100x100.jpg",100,100,true]},"uagb_author_info":{"display_name":"Tax Admin","author_link":"https:\/\/3ataxservicespc.ca\/index.php\/author\/tax-admin\/"},"uagb_comment_info":0,"uagb_excerpt":"To support ongoing efforts to ensure the effectiveness and integrity of Canada\u2019s tax system, the Government of Canada introduced new reporting requirements for trusts. In recognition that the new reporting requirements for bare trusts have had an unintended impact on Canadians, the Canada Revenue Agency (CRA)\u00a0will not require bare trusts to file\u00a0a T3\u00a0Income Tax and&hellip;","rttpg_featured_image_url":{"full":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/g5eb069b139ade735f95d2ee6e90c0a084000ce09dd3d158028be562aa915c935a718e1e1312d650ae6a0eac8bd076aa55b8281bc8a5cca1b669c546aec30b2b0_1280-5146199-e1728618287857.jpg",1280,800,false],"landscape":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/g5eb069b139ade735f95d2ee6e90c0a084000ce09dd3d158028be562aa915c935a718e1e1312d650ae6a0eac8bd076aa55b8281bc8a5cca1b669c546aec30b2b0_1280-5146199-e1728618287857.jpg",1280,800,false],"portraits":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/g5eb069b139ade735f95d2ee6e90c0a084000ce09dd3d158028be562aa915c935a718e1e1312d650ae6a0eac8bd076aa55b8281bc8a5cca1b669c546aec30b2b0_1280-5146199-e1728618287857.jpg",1280,800,false],"thumbnail":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/g5eb069b139ade735f95d2ee6e90c0a084000ce09dd3d158028be562aa915c935a718e1e1312d650ae6a0eac8bd076aa55b8281bc8a5cca1b669c546aec30b2b0_1280-5146199-e1728618287857-150x150.jpg",150,150,true],"medium":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/g5eb069b139ade735f95d2ee6e90c0a084000ce09dd3d158028be562aa915c935a718e1e1312d650ae6a0eac8bd076aa55b8281bc8a5cca1b669c546aec30b2b0_1280-5146199-e1728618287857-300x188.jpg",300,188,true],"large":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/g5eb069b139ade735f95d2ee6e90c0a084000ce09dd3d158028be562aa915c935a718e1e1312d650ae6a0eac8bd076aa55b8281bc8a5cca1b669c546aec30b2b0_1280-5146199-e1728618287857-1024x640.jpg",1024,640,true],"1536x1536":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/g5eb069b139ade735f95d2ee6e90c0a084000ce09dd3d158028be562aa915c935a718e1e1312d650ae6a0eac8bd076aa55b8281bc8a5cca1b669c546aec30b2b0_1280-5146199-e1728618287857.jpg",1280,800,false],"2048x2048":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/g5eb069b139ade735f95d2ee6e90c0a084000ce09dd3d158028be562aa915c935a718e1e1312d650ae6a0eac8bd076aa55b8281bc8a5cca1b669c546aec30b2b0_1280-5146199-e1728618287857.jpg",1280,800,false],"woocommerce_thumbnail":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/g5eb069b139ade735f95d2ee6e90c0a084000ce09dd3d158028be562aa915c935a718e1e1312d650ae6a0eac8bd076aa55b8281bc8a5cca1b669c546aec30b2b0_1280-5146199-e1728618287857-300x300.jpg",300,300,true],"woocommerce_single":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/g5eb069b139ade735f95d2ee6e90c0a084000ce09dd3d158028be562aa915c935a718e1e1312d650ae6a0eac8bd076aa55b8281bc8a5cca1b669c546aec30b2b0_1280-5146199-e1728618287857-600x375.jpg",600,375,true],"woocommerce_gallery_thumbnail":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/g5eb069b139ade735f95d2ee6e90c0a084000ce09dd3d158028be562aa915c935a718e1e1312d650ae6a0eac8bd076aa55b8281bc8a5cca1b669c546aec30b2b0_1280-5146199-e1728618287857-100x100.jpg",100,100,true]},"rttpg_author":{"display_name":"Tax Admin","author_link":"https:\/\/3ataxservicespc.ca\/index.php\/author\/tax-admin\/"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/3ataxservicespc.ca\/index.php\/category\/tax-tips\/\" rel=\"category tag\">CRA Tax Tips<\/a>","rttpg_excerpt":"To support ongoing efforts to ensure the effectiveness and integrity of Canada\u2019s tax system, the Government of Canada introduced new reporting requirements for trusts. 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