Bare trusts with a 31 December 2023-year-end will be the first to submit annual returns under Canada’s new T3 rules on beneficial ownership of trusts. Returns are due by 31 March 2024 even if there is no income to report. The rules define ‘settlor’ as any person who has contributed property to the trust except by commercial loan or arm's-length transfer for value. This makes it necessary to report information regarding parties who previously interacted with the trust, as well as prior owners.
News Source：【Dentons 2023/10/06】