CRA indicates that the 2021 T3 returns will not require the additional Reg. 204.2 beneficial ownership disclosure

Draft s. 150(1.2), as supplemented by Reg. 204.2, requires, effective for the 2021 and subsequent taxation years, that most trusts provide additional beneficial ownership information with their returns. In an update to its webpage on these rules, CRA stated:

The legislation to support this proposed measure is pending. The CRA will administer the new reporting and filing requirements once there is supporting legislation that receives Royal Assent. The CRA will continue to administer the existing rules for trusts, under enacted legislation. The proposed beneficial ownership reporting requirements will not be part of the published 2021 T3 income tax return.

Neal Armstrong. Summary of Reporting Requirements for Trusts (CRA Webpage), 14 January 2022 under s. 150(1.2).