In a significant development, the Canada Revenue Agency (CRA) has announced that bare trusts will not be required to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust), for the 2023 tax year. This exemption applies unless the CRA specifically request these filings.

Trust2File streamlines the complex process of bare trust filings for property management portfolios, addressing the CRA recent requirements set forth by Bill C-32. Canadian Property Managers now face the obligation to file T3 and Section 15 forms for all brokerage trust accounts and shared corporate bank accounts.