On December 16, 2025, CRA announced that based on proposed legislation in Bill C-15 and consistent with explanatory notes published by the Department of Finance, the CRA does not expect bare trusts to file a T3 Trust Income Tax and Information Return (T3 Return) including Schedule 15 Beneficial Ownership Information of a Trust for taxation years ending 2025. Certain bare trusts will be required to file for taxation years ending on or after December 31, 2026.
The CRA confirms that taxpayers may voluntarily file under current law, pending the enactment of Bill C-15. If the proposed legislative changes are not enacted, the CRA will provide further direction at that time.
Visit CRA webpage What has changed – Filing a trust’s T3 return -Canada.ca for further details and updates.
