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This information should be reported on a new schedule to be filed with the trusts T3 return. With this in mind, trustees should know that reporting this new information may prove onerous for certain trusts and should plan ahead to be in compliance. This enhanced reporting obligation aims to help the government more effectively counter aggressive tax avoidance, tax evasion, money laundering, and other criminal activities perpetrated through the misuse of trusts. Taxpayer identification number, such as social insurance number, trust account number, business number or taxpayer identification number used in a foreign jurisdiction.This includes trusts such as those created to hold private company shares as part of an estate freeze, and trusts created to hold vacation or other personal property.Įach year, affected trusts must report additional information on all trustees, beneficiaries, settlors, and each person who has the ability to exert control or override trustee decisions over the appointment of income or capital of the trust (e.g., a protector), including: An express trust is generally a trust created with the settlor’s express intent, such as through a trust deed or a will, as opposed to a resulting or constructive trust, or certain trusts deemed to arise under the provisions of a statute. With limited exceptions, the new rules generally require the filing of a T3 return by express trusts that are resident in Canada even if it does not have any income to report. The new rulesįor trust taxation years ending on or after December 31, 2021, all non-resident trusts that currently have to file a T3 return and express trusts that are resident in Canada, with certain exceptions, will be required to report additional information as part of their T3 return each year. Personal information on trustees, beneficiaries, settlors or other persons are not currently required to be reported to the Canada Revenue Agency (CRA). In the current environment, a trust generally has to file a T3 annual return if it has taxes payable or makes a distribution to one or more beneficiaries. Trustees of affected trusts need to understand the new reporting obligations, assess whether the required information is readily available, and plan to obtain the necessary details to ensure compliance for trust taxation years ending on or after December 31, 2021. The new requirements are a considerable change from the current rules and carry significant penalties for non-compliance. The proposed legislation has not yet passed into law. In order to increase the transparency of how trusts are used, and on the persons who have created, control and benefit from trusts, the federal government announced new trust reporting rules in its 2018 budget to improve the collection of this information. Trusts have many uses in both family and estate planning and as a tool to administer an estate on the death of an individual. The main advantage of a trust is that it allows you to separate the control and management of assets in the trust from its ownership. Trusts are a powerful tool used in tax and financial planning. Strategies and support for a continuously evolving marketplace. Helping real estate and construction companies thrive in every economic environment.īDO guides consumer businesses as they navigate the complexities of a rapidly evolving marketplace.
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