CRA announces that no bare trust returns are required for the 2024 taxation year

On October 29, 2024, CRA updated its webpage on bare trust reporting to state:

Updated 2024 Tax year: As announced in the Tax Tip issued October 29, 2024, the Canada Revenue Agency (CRA) will not require bare trusts to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust) for the 2024 tax year, unless the CRA makes a direct request for these filings. This is a continuation of the exemption from the trust reporting requirements that was issued for bare trusts for the 2023 tax year.

Neal Armstrong. Summary of CRA Webpage, New reporting requirements for trusts and bare trusts: T3 returns filed for tax years ending after December 30, 2023, updated on 29 October 2024 under s. 150(1.2).