advisor discussing new CRA trust reporting rules

Ignore erroneous $100 fines for on-time trust filing, CRA says

advisor discussing new CRA trust reporting rules

Some taxpayers who were required to file a trust return for 2023 may have been surprised to discover that they’d been assessed a late-filing penalty of $100 by the Canada Revenue Agency for the on-time filing of the Schedule 15 (Beneficial Ownership Information of a Trust) form that accompanied their 2023 T3 Income Tax and Information Return. The trust filing deadline was April 2nd, 2024.

The CRA has now confirmed that those penalties were assessed in error. According to a statement from the agency, “The CRA will be correcting the assessments and there is no need for a payment or reassessment request to be submitted in respect of these penalties when the information was filed on time.”

As noted in a previous blog, the CRA in March made the last-minute decision to exempt bare trusts from filing a T3 return with Schedule 15 for the 2023 tax year. The CRA has said that it will clarify ongoing trust filing requirements in the coming months. While bare trusts were exempted, other affected trusts were still required to file a T3 Return by the April 2nd deadline.

For more information on trust reporting requirements, contact us today.

Armando Iannuzzi, Co-Managing Partner

Armando Iannuzzi

905-946-1300, x. 239