Trust Disclosure Rules – 2024

What we know

The CRA has decided to not require 2023 Bare Trusts to file a T3 form this year. The rules have been changed 2 days before the deadline! Stay tuned for updates to the 2024 requirements.

The following additional information about the settlor, the trustees, the beneficiaries and persons that can ‘exert influence’ on the trust (through the Trust Deed or a “related agreement”) must be provided to the CRA:

  • Name

  • Address

  • Date of birth

  • Jurisdiction of residence, and

  • Taxpayer identification number (such as the SIN, business number, or account number given to a trust)

The trust may be subject to penalties if the information provided is inaccurate, incomplete or not filed on the right forms.

View the T3 Form here

When is the Trust Disclosure Due?

T3 trust income tax and benefit return (T3) are due 90 days after the trust’s taxation year end.

For trusts with a December 31st, 2023 year end, T3s are due April 2nd, 2024.