CRA no longer requiring 'bare trust' reporting in 2023 tax return

The Canada Revenue Agency (CRA) announced Thursday it will not require "bare trust" reporting from Canadians that it introduced for the 2024 tax season, just four days before the April 2 deadline. The new reporting required applicable trusts to file a T3 return, naming beneficiaries and trustees on the file.Top business headlines, all in one place The latest on inflation in Canada"In recognition that the new reporting requirements for bare trusts have had an unintended impact on Canadians, the C