New reporting requirements for trusts as of December 31, 2023

The Government of Canada has introduced new reporting requirements for trusts. These changes were made as part of Canada’s international commitment to the transparency of beneficial ownership information as well as its continuous efforts to ensure the effectiveness and integrity of the Canadian tax system.

Trusts may need to file for the first time

The change in reporting requirements means that affected trusts will be required to file a T3 Trust income tax and information return (T3 return) and a Schedule 15 (Beneficial Ownership Information of a Trust) with the Canada Revenue Agency (CRA) every year.

Many trusts will be filing a T3 return for the first time. Before the introduction of the new reporting requirements, a trust that did not earn income, dispose of capital property, or make distributions of income or capital in a year was generally not required to file an annual return.

Exempted trusts

Some trusts are exempt from the new reporting requirements, like registered plans, qualified disability trusts, and more. For more information, visit How to file a T3 return - exceptions from having to provide additional information.

Timeframe of changes

Affected trusts must now complete an annual T3 return which includes a Schedule 15 for tax years ending after December 30, 2023.

Information required to file

An affected trust must provide additional information for all reportable entities such as trustees, settlors, beneficiaries, and controlling persons for the trust, including those who may have been a reportable entity for only part of the year.

Trust account number

You will need to have a trust account number before filing a T3 return. Make sure to include your trust account number on the trust return, all correspondence, and payments related to the trust.

To obtain your trust account number instantly, use the Trust Account Registration service in:

• My Account - from the “More services” option
• My Business Account - from the “Open new account” option
• Represent a Client - from the main menu

Important dates to remember

The deadline for the T3 return and Schedule 15 is 90 days after the trust's tax year end.

The tax year end for most trusts is the end of the calendar year. Trusts with a December 31, 2023 tax year end will need to file their T3 Return and Schedule 15 by March 30, 2024. Since March 30, 2024 falls on Saturday, your return will be considered filed on time if the CRA receives it, or it is postmarked, on or before April 2, 2024 (the next business day).

If you are not sure of your filing deadline, more information is available in the T4013 T3 Trust Guide.

Penalties may apply

If you do not file an annual T3 return and you are required to, penalties may apply.

Contacts

Media Relations
Canada Revenue Agency
613-948-8366
cra-arc.media@cra-arc.gc.ca

For individual or trust enquiries

Canada Revenue Agency
1-800-959-8281

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