CRA indicates that the additional T3 reporting requirements apply to trusts that were not exempted from filing T3 returns under the old rules and are not within ss. 150(1.2)(a) to (o)

For taxation years ending on or after December 31, 2023, Reg. 204.2(1) will require a trust to provide specified information regarding its trustees and beneficiaries on its T3 return provided that it is not a trust coming within one of the exceptions described in ITA ss. 150(1.2)(a) to (o) (e.g., under para. (a), a trust which on December 31 of the year in question had been in existence for less than three months). However, the preamble to s. 150(1.2) I.T.A., creating an expanded requirement to file T3 returns for taxation years ending on or after December 31, 2023, provides that s. 150(1.2) can only apply to a resident trust that is an express trust, or for civil law purposes, a trust other than a trust that is established by law or by judgment. Must a trust that does not come within the preamble to s. 150(1.2) (for example, a Quebec trust that is established by law or by judgment), but that is not described in any of ss. 150(1.2)(a) to (o), provide the additional information set out in Reg. 204.2(1)?

CRA indicated that such a (non-preamble) trust must provide such additional information provided that it was otherwise required to file a return under s. 150(1) under the old rules (e.g., a trust with tax payable for the year).

Neal Armstrong. Summary of 3 November 2023 APFF Financial Strategies Roundtable, Q.7 under Reg. 204.2(1).