Trust income tax return

New legislation in Bill C-32 states that certain trusts must provide additional information regarding beneficial ownership on an annual basis. Trusts must provide beneficial ownership information on a Schedule 15, filed along with a T3 return. These new reporting requirements are effective for taxation years ending after December 30, 2023 and subsequent tax years. This means that some trusts may have to file a T3 return for the first time. Others should still file their 2022 T3 returns as usual.