Canada's new trust reporting requirements apply for first time to 2023 tax year

20 November 2023|Tax Alerts, Information Reporting, Legislation & Policy, National/Federal Taxation|Canada

Legislative amendments enacted in December 2022 will require certain express trusts to comply with additional reporting requirements in their annual income tax return for tax years ending after 30 December 2023.
In some cases, trusts that previously were not required to file an annual return, due to statutory or administrative exception, will now have a filing obligation under these new requirements.
Because all trusts affected by the new requirements have a calendar year-end, the new rules effect…

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