Trust Reporting for 2024 – Bare Trusts Don’t Need to File T3 Returns

The Canada Revenue Agency (CRA) has confirmed that bare trusts do not need to file a T3 Income Tax and Information Return (T3 return) or Schedule 15 for 2024, unless specifically asked by the CRA. This is the same exemption as for 2023.

Other Trusts Still Need to Report

However, new reporting requirements still apply to other types of trusts with tax years ending after December 30, 2023. These trusts must file a T3 return, including Schedule 15, unless they meet certain exceptions.

Key Dates

Most trusts follow a calendar year for tax purposes. If your trust’s tax year ends on December 31, 2024, the T3 return deadline will be March 31, 2025 (90 days after year-end).

For more details and updates, visit the CRA’s trust income tax return page Trust income tax return - Canada.ca