Government granting another exemption on bare trust filing requirements

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Government granting another exemption on bare trust filing requirements
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The Canada Revenue Agency (CRA) headquarters Connaught Building is pictured in Ottawa.

The Canada Revenue Agency announced Tuesday that Canadians with bare trusts won’t be required to file a T3 tax form for the 2024 tax year.

New tax requirements for trusts were introduced as part of the government's 2022 fall economic statement and were set to be enforced for the 2023 tax year — meaning anyone with a bare trust was told they had to file their forms by April 2. Taxpayer’s Ombudsperson François Boileau delivers remarks during a press conference at the National Press Theatre in Ottawa on Tuesday, Nov. 28, 2023.

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