Trust Update (December 31) — Archived

Archived — historical context only

This post originally summarized 2015–2016 federal trust tax changes (including commentary from that period on GRE and QDT designations, testamentary trust taxation, and December 31 year-end rules). That material is no longer sufficient for current compliance.

Federal trust reporting has expanded significantly—including T3 Trust Income Tax and Information Return filing, Schedule 15 beneficial ownership reporting, and CRA administrative updates (for example, March 28, 2024 guidance on bare trusts and 2023 filing). Rules, forms, and penalties continue to evolve.

Where to read current guidance

For up-to-date trust reporting on the RHN site, use:
New Reporting Requirements for Trusts in Canada: What You Need to Know

For trust-related property filing (e.g. Underused Housing Tax), see the Real Estate cluster where applicable—for example UHT and bare trust content. UHT and T3 trust reporting are different obligations; your advisor can help you sort which apply.

Evergreen reminder (high level only)

If you maintain a trust, long-term planning often includes awareness of the 21-year deemed disposition rule for capital property held in the trust, and the role of graduated rate estates (GREs) and other specific trust types under the Income Tax Act. Thresholds, elections, due dates, and forms change—do not rely on this archived page for numbers or filing steps.

This post has been prepared for general information purposes. It is not advice. The information presented may not fit your unique situation. Please consult one of our trusted business advisors at RHN CPA for further clarification and interpretation of your circumstances.