March 28, 2024 Category News
The Government of Canada issued a news update on March 28, 2024 stating that “In Recognition that the new requirements for bare trusts have had an unintended impact on Canadians, the Canada Revenue Agency (CRA) will not require bare trusts to file a T3 Income Tax and Information Return (T3 Return), including Schedule 15 (Beneficial Ownership Information of a Trust), for the 2023 tax year, unless the CRA makes a direct request for these filings.”
This news comes just 3 days before the original filing deadline. For more information, please visit the following link: