CRA confirms that an excepted trust listed in s. 150(1.2) is not subject to Sched. 15 reporting even if it is not an express trust

CRA confirmed that the exceptions to the required Sched. 15 reporting in proposed Reg. 204.2(1), provided for in proposed ss. 150(1.2)(a) to (r), are not restricted to trusts described in the preamble to s. 150(1.2), i.e., (outside Quebec) express trusts – so that such exceptions to the Sched 15 filing requirement apply to any trust which has a filing obligation pursuant to s. 150(1)(c) regardless of whether or not it is resident in Canada and an express trust.

The point of statutory interpretation is that where one provision (Reg. 204.2(1)) assimilates by reference parts of another provision (the listing of excepted trusts in ss. 150(1.2)(a) to (r)) which can be read on a standalone basis, it is not impliedly assimilating the balance of that other provision (e.g., the express trust limitation in the s. 150(1.2) preamble).

Neal Armstrong. Summary of 2 December 2025 CTF Roundtable Q.12, 2025-1080801C6 under Reg. 204.2(1).