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New reporting requirements for T3 returns

All trusts, unless specific conditions are met, must file a T3 return for tax years ending after December 30, 2023. Many trusts, including bare trusts, will need to file for the first time. An affected trust must provide additional information for all reportable entities such as trustees, settlors, beneficiaries, and controlling persons for the trust, including those who may have been a reportable entity for only part of the year.