Originally announced in the 2018 Federal Budget, and first delayed earlier this year, proposed updates to trust reporting have been delayed again. The changes include:
Originally intended to apply for 2021 T3 trust returns (due in 2022), this delay results in these rules first applying to 2023 T3 trust returns (due in 2024).
As mentioned above, the penalties for not filing can be severe. While these updates have been delayed multiple times, we do expect them to take effect in 2024 and it will be important to collect the required information for all trusts. 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.
Sign up for our newsletter and receive tax, accounting, and COVID-19 resources for your business!