What has changed
The latest changes affecting trusts and trust reporting.
Proposed amendments related to trust reporting
Updated: February 3, 2026
On November 18, 2025, the Government of Canada tabled Bill C-15, An Act to implement certain provisions of the budget tabled in Parliament on November 4, 2025, with proposed amendments to the Income Tax Act (ITA) that relate to trust reporting.
Based on proposed legislation in Bill C-15, and consistent with the Explanatory Notes Relating to the Income Tax Act and Other Legislation published by the Department of Finance, while taxpayers can still choose to file under currently enacted legislation, the CRA does not expect bare trusts to file a T3 Trust Income Tax and Information Return (T3 return) including Beneficial Ownership Information of a Trust (Schedule 15) for taxation years ending in 2025. Certain bare trusts will be required to file for taxation years ending on or after December 31, 2026.
Among other proposed changes, for taxation years ending on or after December 31, 2025, certain trusts may not be required to file a T3 return if specific conditions are met. Where those conditions are not met and a T3 return is required to be filed, these trusts will not be required to file Schedule 15 with their T3 return for taxation years ending on or after December 31, 2025. These trusts include, but are not limited to:
- Trusts holding assets with a total fair market value (FMV) that does not exceed $50,000 throughout the year
- Trusts holding only the specific asset types as outlined in proposed paragraph 150(1.2)(b.1) of the ITA for the applicable taxation year, with a total FMV that does not exceed $250,000 throughout the year, provided certain additional conditions are met
- Specific client trust accounts holding only the specific asset types as outlined in proposed paragraph 150(1.2)(c) of the ITA for the applicable taxation year, with a total FMV that does not exceed $250,000 throughout the year
- Trusts established to comply with a statute of Canada or a province where the persons acting as trustee hold the property in trust for a specified purpose, such as those of bankruptcy trustees or provincial guardians
The CRA confirms that it will administer the proposed changes to the trust reporting rules contained in Bill C-15 and will update the 2025 T4013 Trust Guide and T3 return and schedules to reflect these changes. If these changes are not enacted, the CRA will provide further direction at that time.
This web page and the FAQ page will be updated as additional information becomes available.