As outlined in our June 2021 blog, trust reporting requirements were to be expanded for trusts with taxation years ending on or after December 31, 2021. These changes included additional types of trusts requiring a return, additional information required when reporting and new penalties if these requirements were not satisfied. The legislation to support these measures is still pending; thus, existing trust reporting requirements will remain in effect rather than the expanded trust reporting requirements.
It is unclear if these changes will come into effect at some point in 2022 or if they will be delayed a full year. We may learn more about when these changes will come into force from when the next Federal Budget is tabled which is expected sometime this Spring.
If you have any questions about new trust reporting requirements, winding up a trust, or if you may benefit from a trust, please contact a Bateman MacKay Tax and Business Advisor.
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