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New Reporting Obligations for Trust Accounts

New Reporting Obligations for Trust Accounts


Most trusts are now subject to new enhanced reporting requirements for taxation years that end on or after December 31, 2023.

What’s Changed?

The new rules significantly limit the number of trusts exempted from filing a T3 return. Affected trusts will now be required to file a T3 return and a Schedule 15 form with the Canada Revenue Agency within 90 days of the trust’s tax year-end, regardless of whether there is income tax liability. The T3 return serves as the trust’s income tax return while the Schedule 15 form lists the identity of all trustees, settlors, beneficiaries and controlling persons of the trust.

The goal of these changes is to increase transparency regarding beneficial ownership and assist the Canada Revenue Agency in properly assessing the tax liabilities for trusts and their respective beneficiaries.

Which Trusts are Affected?

All trusts, except for the below list of exempted trusts, will be subject to the enhanced reporting requirements:

  • Mutual fund trusts, segregated funds and master trusts;
  • Trusts governed by registered plans, such as RRSPs and TFSAs;
  • Lawyers’ general trust accounts;
  • Graduated rate estates and qualified disability trusts;
  • Trusts that qualify as non-profit organizations or registered charities;
  • Trusts that have been in existence for less than three months;
  • Trusts that hold less than $50,000 in assets throughout the taxation year.

We’re Here to Help!

gbtlaw will continue to monitor these developments. Should you have any questions, please contact one of our business law professionals.


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