CRA Webpage, Enhanced reporting rules for trusts and bare trusts: Frequently asked questions, updated on 14 March 2025

3.5. Will the CRA provide any relief for penalties if a bare trust does not file their 2023 T3 Return and Schedule 15 by the filing deadline as...

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3.5. “Will the CRA provide any relief for penalties if a bare trust does not file their 2023 T3 Return and Schedule 15 by the filing deadline as...

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Meaning of express trust

2.4. What is an express trust?

Generally, an express trust is a trust created with the settlor's express intent, usually...

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Meaning of trust

1.1. What is a trust? …

Separation of legal and beneficial ownership

Ordinarily, a person who has legal title to a property...

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Requirement to report non-beneficiary reportable entities (paras. 1.6 and 1.7)

• Unlike the accommodation by the rules for beneficiaries who are...

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s. 163(5) gross negligence penalty could be imposed for failure to file a return

1.10 … Errors or omissions may be identified by the CRA based...

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Scope of 3-month trust

2.5 … The following trusts are considered to have been in existence for less than three months at the end of the taxation...

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