Hello! Because more than a few clients have reached out to me about Bare Trusts, I wanted to send a quick update to everyone:
As of 28 March 2024 (today), CRA will not require bare trusts to file a T3 tax return for the 2023 tax year.
My guess is CRA is just kicking the can down the road, and not actually solving the administrative mess they've found themselves in, but that's a problem for not-right-now.
To see the actual update from CRA, check out the following link https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2024/bare-trusts-exempt-from-trust-reporting-requirements-2023.html
Looking forward to seeing everyone in April -Cameron