CRA extends exemption on filing requirement: What you need to know

Bare trusts will not require the submission of a T3 Return or Schedule 15 for the 2024 tax year as the Canada Revenue Agency (CRA) extended its reporting exemption it introduced in 2023.The information you need to know, sent directly to you: Download the CTV News AppLast year’s exemption did away with mandatory filing of T3 Income Tax Information Returns and Beneficial Ownership Information of a Trust for bare trusts, also known as naked trusts. However, the CRA says it reserve the right t