{"id":1037,"date":"2024-01-16T16:58:25","date_gmt":"2024-01-16T16:58:25","guid":{"rendered":"https:\/\/advisor.wellington-altus.ca\/klugeadvisorygroup\/?p=1037"},"modified":"2024-01-17T16:59:44","modified_gmt":"2024-01-17T16:59:44","slug":"understanding-the-new-reporting-requirements-for-trusts-2","status":"publish","type":"post","link":"https:\/\/advisor.wellington-altus.ca\/klugeadvisorygroup\/2024\/01\/16\/understanding-the-new-reporting-requirements-for-trusts-2\/","title":{"rendered":"Understanding the New Reporting Requirements for Trusts"},"content":{"rendered":"<div class=\"elementor-element elementor-element-576a938 elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"576a938\" data-element_type=\"widget\" data-widget_type=\"theme-post-title.default\"><\/div>\n<div class=\"elementor-element elementor-element-c581e5c elementor-widget elementor-widget-post-info\" data-id=\"c581e5c\" data-element_type=\"widget\" data-widget_type=\"post-info.default\">\n<div class=\"elementor-widget-container\">\n<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n<li class=\"elementor-icon-list-item elementor-repeater-item-c02e8ee elementor-inline-item\"><span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">January 16, 2024<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-d25d368 elementor-widget elementor-widget-theme-post-content\" data-id=\"d25d368\" data-element_type=\"widget\" data-widget_type=\"theme-post-content.default\">\n<div class=\"elementor-widget-container\">\n<div class=\"elementor elementor-6040\" data-elementor-type=\"wp-post\" data-elementor-id=\"6040\" data-elementor-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\" data-elementor-post-type=\"post\">\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-feb41c2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"feb41c2\" data-element_type=\"section\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c1c4381\" data-id=\"c1c4381\" data-element_type=\"column\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-aa18117 elementor-widget elementor-widget-text-editor\" data-id=\"aa18117\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p><a href=\"https:\/\/wellington-altus.ca\/wp-content\/uploads\/2024\/01\/AWPG_Understanding_The_New_Reporting_Requirements_For_Trusts_01_2024_Final_EN.pdf\" target=\"_blank\" rel=\"noopener\">Download this article as a PDF<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cad01e7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cad01e7\" data-element_type=\"section\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d2c0a09\" data-id=\"d2c0a09\" data-element_type=\"column\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-9f2c675 elementor-widget elementor-widget-text-editor\" data-id=\"9f2c675\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>Is your name on legal title for any assets that you don\u2019t have a beneficial interest in (i.e., a Bare Trust)? Perhaps your name is legally on your parents\u2019 home, or maybe your child\u2019s banking or investment accounts? If this is the case, you may have a new reporting obligation with the Canada Revenue Agency (\u201cCRA\u201d).<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6692308 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6692308\" data-element_type=\"section\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b4fbd7a\" data-id=\"b4fbd7a\" data-element_type=\"column\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-847632a elementor-widget elementor-widget-text-editor\" data-id=\"847632a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<h3>Introduction<\/h3>\n<p>Originally introduced in 2018, new and enhanced reporting requirements (the \u201cnew reporting requirements\u201d) apply for trusts that have a taxation year ending after December 30, 2023. The three main impacts of the new reporting requirements are:<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-36e113b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"36e113b\" data-element_type=\"section\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-78d8271\" data-id=\"78d8271\" data-element_type=\"column\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-2b1da67 elementor-vertical-align-middle elementor-widget elementor-widget-icon-box\" data-id=\"2b1da67\" data-element_type=\"widget\" data-widget_type=\"icon-box.default\">\n<div class=\"elementor-widget-container\">\n<div class=\"elementor-icon-box-wrapper\">\n<div class=\"elementor-icon-box-content\">\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6aaef86 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6aaef86\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-b4276da\" data-id=\"b4276da\" data-element_type=\"column\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-0a3edda elementor-widget elementor-widget-text-editor\" data-id=\"0a3edda\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>01 &#8211; Certain trusts that previously had no filing obligation may now be required to file a <em>Trust Income Tax and Information Return<\/em>\u00a0(\u201cT3 Return\u201d) annually.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-753c167 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"753c167\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-ea102e5\" data-id=\"ea102e5\" data-element_type=\"column\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-ab4b626 elementor-widget elementor-widget-text-editor\" data-id=\"ab4b626\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>02 &#8211; Additional information regarding the trust must now be disclosed on the T3 Return.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f47684c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f47684c\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-7092043\" data-id=\"7092043\" data-element_type=\"column\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-655739c elementor-widget elementor-widget-text-editor\" data-id=\"655739c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>03 &#8211; New and increased penalties for noncompliance.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<p>&nbsp;<\/p>\n<p class=\"elementor-icon-box-description\">If a trust is required to file a T3 Return, it must be filed no later than 90 days after the end of the trust tax year end. For trusts with a December 31, 2023, year end, the T3 Return must be filed on or before April 1, 2024<sup>1<\/sup>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b3c4015 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b3c4015\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d899d06\" data-id=\"d899d06\" data-element_type=\"column\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-3df850f elementor-widget elementor-widget-text-editor\" data-id=\"3df850f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<h3>When do the new reporting requirements apply?<\/h3>\n<p>Trusts with a December 31 year end will be required to comply with the new reporting requirements beginning with their 2023 T3 Return.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-12fd4d3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"12fd4d3\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6b060c1\" data-id=\"6b060c1\" data-element_type=\"column\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-d7a0a35 elementor-widget elementor-widget-text-editor\" data-id=\"d7a0a35\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<h3>Are there exceptions to the new reporting requirements?<\/h3>\n<p>The following trusts are exempt from the new reporting requirements:<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-fd08b92 elementor-widget elementor-widget-text-editor\" data-id=\"fd08b92\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<ol>\n<li>Trusts designated as Graduated Rate Estates (\u201cGRE\u201d)<\/li>\n<li>Trusts that hold assets with a fair value that does not exceed $50,000 throughout the taxation year.<sup>2<\/sup><\/li>\n<li>Trusts in existence for less than 3 Months<\/li>\n<li>Trusts that are registered plans (i.e. RRSPs\/RRIFs)<\/li>\n<\/ol>\n<p>A complete list of exceptions can be found on the CRA website.<sup>3<\/sup><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-71a2046 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"71a2046\" data-element_type=\"section\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f0ab17b\" data-id=\"f0ab17b\" data-element_type=\"column\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-4e51cbf elementor-widget elementor-widget-text-editor\" data-id=\"4e51cbf\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<ol>\n<li>\n<h6>The deadline of March 30, 2024 falls on a Saturday so T3 returns can be filed by the following Monday.<\/h6>\n<\/li>\n<li>\n<h6>Provided that their holdings are confined to deposits, government debt obligations and listed securities.<\/h6>\n<\/li>\n<li>\n<h6><a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/trust-administrators\/t3-return\/new-trust-reporting-requirements-t3-filed-tax-years-endingdecember-%202023.html\">https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/trust-administrators\/t3-return\/new-trust-reporting-requirements-t3-filed-tax-years-endingdecember- 2023.html<\/a><\/h6>\n<\/li>\n<\/ol>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-92d5405 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"92d5405\" data-element_type=\"section\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-114a8a1\" data-id=\"114a8a1\" data-element_type=\"column\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-30cddf6 elementor-widget elementor-widget-text-editor\" data-id=\"30cddf6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<h3>Bare trusts<\/h3>\n<p>A point of contention within the wealth planning community is that the new reporting requirements specifically apply to what are commonly referred to as \u201cBare Trusts.\u201d A Bare Trust is a relationship whereby the trustee holds legal title of the trust property, but the beneficiary has the beneficial ownership of the property. In other words, the trustee has no independent power or discretionary decision-making rights over the trust property, but instead, deals with the property as determined by the beneficiary. Two common examples of Bare Trusts are jointly owned investment accounts and real property ownership where a joint owner does not also hold beneficial rights to the account or property.<\/p>\n<p>Because no formal documentation is required for a Bare Trust to exist, the new reporting requirements may uncover previously undocumented trust relationships.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5a97aa1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5a97aa1\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f4ac0dc\" data-id=\"f4ac0dc\" data-element_type=\"column\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-408233d elementor-widget elementor-widget-text-editor\" data-id=\"408233d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<h5>Example: Bare Trust<\/h5>\n<p>Brad was recently added to his mother\u2019s, May, investment account to help her with administrative tasks related to the account.<\/p>\n<ul>\n<li>May continues to report all investment income and gains from the account on her T1 return.<\/li>\n<li>May did not report a disposition of any investment assets when Brad was added to the account.<\/li>\n<li>No documentation exists supporting a gift by May to Brad of the account.<\/li>\n<\/ul>\n<p>Given the facts above, it is likely that a Bare Trust exists between Brad (trustee) and May (beneficiary). As such, unless an exception is met, they would likely be subject to the new reporting requirements.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1d2b6a3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1d2b6a3\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3e6b38f\" data-id=\"3e6b38f\" data-element_type=\"column\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-9658c76 elementor-widget elementor-widget-text-editor\" data-id=\"9658c76\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<h3>Additional information to be disclosed on T3 Return<\/h3>\n<p>Additional information will be\u00a0 required\u00a0 to be disclosed in the T3 Return on Schedule 15 \u201cBeneficial ownership information of a trust.\u201d All the trust\u2019s Settlor(s), Trustee(s), Beneficiary(ies) \u2013 including contingent or Controlling Person(s) will have to report on:<\/p>\n<\/div>\n<\/div>\n<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-11afa27 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"11afa27\" data-element_type=\"section\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-a9f7bfb\" data-id=\"a9f7bfb\" data-element_type=\"column\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-e10f0ad elementor-view-default elementor-widget elementor-widget-icon\" data-id=\"e10f0ad\" data-element_type=\"widget\" data-widget_type=\"icon.default\">\n<div class=\"elementor-widget-container\">\n<div class=\"elementor-icon-wrapper\">\n<div class=\"elementor-icon\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-721072d\" data-id=\"721072d\" data-element_type=\"column\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-77c50b9 elementor-widget elementor-widget-text-editor\" data-id=\"77c50b9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<ul>\n<li>Entity classification (natural person, corporation, trust or other)<\/li>\n<li>Name of the entity<\/li>\n<li>Tax identification numbers such as a SIN, Business Number, or Trust Account Number<\/li>\n<li>Country of residence for tax purposes<\/li>\n<li>Address<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0696ddf elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0696ddf\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-34d257a\" data-id=\"34d257a\" data-element_type=\"column\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-4eb5def elementor-widget elementor-widget-text-editor\" data-id=\"4eb5def\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<h3>Enhanced penalties for non-compliance<\/h3>\n<p>Historically, trusts were subject to a late-filing penalty of $25\/day. The minimum late-filing penalty was $100, and the maximum penalty was $2,500. The new reporting requirements include an additional set of enhanced penalties to encourage compliance. If applied, the enhanced penalty will be the greater of:<\/p>\n<ol>\n<li>Minimum penalty of $2,500<\/li>\n<li>5% of the maximum value of the property held by the trust during the year.<\/li>\n<\/ol>\n<p>These enhanced penalties can be applied for making false statements or omissions that amount to gross negligence, or for the failure to file a return knowingly.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3ba109e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3ba109e\" data-element_type=\"section\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-34357f3\" data-id=\"34357f3\" data-element_type=\"column\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-68b1cec elementor-view-default elementor-widget elementor-widget-icon\" data-id=\"68b1cec\" data-element_type=\"widget\" data-widget_type=\"icon.default\">\n<div class=\"elementor-widget-container\">\n<div class=\"elementor-icon-wrapper\">\n<div class=\"elementor-icon\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-9b4d4bd\" data-id=\"9b4d4bd\" data-element_type=\"column\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-1634022 elementor-vertical-align-middle elementor-widget elementor-widget-icon-box\" data-id=\"1634022\" data-element_type=\"widget\" data-widget_type=\"icon-box.default\">\n<div class=\"elementor-widget-container\">\n<div class=\"elementor-icon-box-wrapper\">\n<div class=\"elementor-icon-box-content\">\n<p class=\"elementor-icon-box-description\">Relief from late filing penalties is available for bare trusts for the 2023 taxation year only.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7e83b47 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7e83b47\" data-element_type=\"section\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-128667e\" data-id=\"128667e\" data-element_type=\"column\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-5e260c6 elementor-widget elementor-widget-text-editor\" data-id=\"5e260c6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<h5><\/h5>\n<h3>Conclusion<\/h3>\n<p>Many trusts that have never filed T3 Returns before will have to start filing for 2023, while others will be required to file their 2023 T3 Return with these enhanced disclosures.<\/p>\n<p>Though recent changes have bought trusts an extra year under the old reporting regime, there is every indication that these enhanced reporting rules will be in effect for taxation years ending after December 30, 2023. Those clients that may be impacted should reach out to their tax advisor and consider:<\/p>\n<ul>\n<li>Winding-up Bare Trust arrangements so they are not required to file a T3 Return for future years.<\/li>\n<li>Gathering the information required to comply with enhanced T3 reporting. Some information, particularly regarding the settlor and contingent beneficiaries, may take some time to track down.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b4aeb70 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b4aeb70\" data-element_type=\"section\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7ac2849\" data-id=\"7ac2849\" data-element_type=\"column\" data-settings=\"{&quot;premium_particles_zindex&quot;:0,&quot;premium_particles_responsive&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-574a6e4 elementor-widget elementor-widget-text-editor\" data-id=\"574a6e4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p><a href=\"https:\/\/wellington-altus.ca\/wp-content\/uploads\/2023\/01\/AWPG_Understanding-the-New-Reporting-Requirements-for-Trusts-Jan.18.2023.pdf\" target=\"_blank\" rel=\"noopener\">An appendix is included in the pdf of this document to assist in gathering the required information.<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>January 16, 2024 Download this article as a PDF. Is your name on legal title for any assets that you don\u2019t have a beneficial interest in (i.e., a Bare Trust)? Perhaps your name is legally on your parents\u2019 home, or maybe your child\u2019s banking or investment accounts? If this is the case, you may have [&hellip;]<\/p>\n","protected":false},"author":144,"featured_media":1042,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_oasis_is_in_workflow":0,"_oasis_original":0,"_oasis_task_priority":"","footnotes":""},"categories":[13],"tags":[],"class_list":["post-1037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth-planning"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Understanding the New Reporting Requirements for Trusts - Kluge Wealth Advisory Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/advisor.wellington-altus.ca\/klugeadvisorygroup\/2024\/01\/16\/understanding-the-new-reporting-requirements-for-trusts-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Understanding the New Reporting Requirements for Trusts - Kluge Wealth Advisory Group\" \/>\n<meta property=\"og:description\" content=\"January 16, 2024 Download this article as a PDF. Is your name on legal title for any assets that you don\u2019t have a beneficial interest in (i.e., a Bare Trust)? Perhaps your name is legally on your parents\u2019 home, or maybe your child\u2019s banking or investment accounts? If this is the case, you may have [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/advisor.wellington-altus.ca\/klugeadvisorygroup\/2024\/01\/16\/understanding-the-new-reporting-requirements-for-trusts-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Kluge Wealth Advisory Group\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61562895536401\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-16T16:58:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-17T16:59:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/advisor.wellington-altus.ca\/klugeadvisorygroup\/wp-content\/uploads\/sites\/132\/2024\/01\/WA-Featured-Image.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"klugewealthadvisorygroup\" 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