Important updates to the trust reporting requirements for the 2025 taxation year: What you need to know

The Government of Canada has proposed changes to the trust reporting requirements for the 2025 taxation year.

These proposed changes are included in Bill C-15, An Act to implement certain provisions of the budget tabled in Parliament on November 4, 2025 (Bill C-15). The changes affect how and when certain trusts need to file their T3 Trust Income Tax and Information Return (T3 return).

The Canada Revenue Agency (CRA) confirms that while taxpayers can still choose to file under currently enacted legislation, it will administer the proposed changes to the trust reporting rules contained in Bill C-15. If these changes are not enacted, the CRA will provide further direction at that time. The CRA has updated the 2025 T4013 Trust Guide and T3 return and schedules to reflect these changes.

Here’s what you need to know:

Bare trusts

The CRA does not expect bare trusts to file a T3 return including Beneficial Ownership Information of a Trust (Schedule 15) for taxation years ending in 2025.

However, certain bare trusts may be required to file for taxation years ending in 2026 and subsequent tax years. This advance notice is intended to help tax professionals and trustees plan ahead for future filing obligations.

Filing obligations for other trusts

Unless specific conditions are met, all trusts (other than bare trusts) are required to file a T3 return including Schedule 15 for taxation years ending in 2025. It’s important to review the trust filing obligations annually to determine whether your trust is required to file.

Filing deadline for T3 returns

The filing deadline for T3 returns is no later than 90 days after the trust's tax year-end. For most trusts, the tax year-end is December 31. This means that trusts with a December 31, 2025, tax year-end must file their T3 return, including Schedule 15 when required, by March 31, 2026, to avoid penalties.

Additional resources are available

The CRA has updated its dedicated trust web page and trust reporting frequently asked questions (FAQs) to provide further details about how these changes apply.

The Filing a trust’s T3 return page provides guidance on how to file a trust’s T3 return, including:

• criteria for filing a T3 return
• filing methods and deadlines for trusts
• information on required forms and supporting documents

The Enhanced reporting rules for trusts and bare trusts: Frequently asked questions page offers practical guidance on the trust reporting rules, including:

• clarifications of key terms
• instructions for completing Schedule 15
• examples of how the rules apply to different situations
• guidance on filing deadlines and compliance
• specific listed trusts inclusion for each tax year

Should you require further assistance, please use the contact links at the bottom of those pages.