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CRA bare trusts reporting

Tax update: CRA exempts bare trusts from new trust reporting requirements

In an abrupt change of policy, the Canada Revenue agency has announced that it will exempt bare trusts from filing a T3 Income Tax and Information Return, including Schedule 15 (Beneficial Ownership Information of a Trust), for the 2023 tax year. The CRA still reserves the right to request these filings directly in specific circumstances. […]