CRA has cancelled the obligation of bare trusts to file for their calendar 2023 years

CRA has announced:

In recognition that the new reporting requirements for bare trusts have had an unintended impact on Canadians, …CRA … will not require bare trusts to file a … T3 return … including Schedule 15 (Beneficial Ownership Information of a Trust), for the 2023 tax year, unless the CRA makes a direct request for these filings.

Over the coming months, the CRA will work with the Department of Finance to further clarify its guidance on this filing requirement. The CRA will communicate with Canadians as further information becomes available.

Neal Armstrong. Summary of CRA News Release, “Bare trusts are exempt from trust reporting requirements for 2023,” 28 March 2024 under s. 150(1.2).