Trust reporting for the 2024 tax year – Bare trusts not required to file the T3 Return and Schedule 15

CRA SOURCE ARTICLE

The Canada Revenue Agency (CRA) will not require bare trusts to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust) for the 2024 tax year, unless the CRA makes a direct request for these filings. This is a continuation of the exemption from the trust reporting requirements that was issued for bare trusts for the 2023 tax year.

Other affected trusts still required to report

The new trust reporting requirements still apply to other affected trusts with taxation years ending after December 30, 2023. These affected trusts are required to file a T3 return, including Schedule 15, unless specific conditions are met. Find out more with our answers to frequently asked questions on reporting requirements for trusts.

The deadline for the T3 return is no later than 90 days after the trust's tax year-end. The tax year-end for most trusts is the end of the calendar year. Trusts with a December 31, 2024, tax year-end will need to file their T3 Return by March 31, 2025.

More information and updates, when available, can be found at trust income tax return.