In our continuing communication on the new requirement for Trust filings with the CRA, we are reminding you that for taxation years ending after 30 December 2023, all trusts unless otherwise exempted, will be required to file a T3 return on or before 30 March 2024.
The enhanced reporting rules are intended to increase transparency and give authorities additional information to counter aggressive tax avoidance, tax evasion, money laundering, and other criminal activities. As the primary purpose of the enhanced rules is to gather information, rather than to collect
tax, they have been designed to cast a very broad net both in terms of which arrangements must be reported, and what information must be collected.
Many taxpayers and advisors have been, and will continue to be, surprised by the reach and scope of the requirements.
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