Affected trusts will be required to file a T3 (Income tax and information return) and a Schedule 15 (Beneficial Ownership Information of a Trust)
Before the introduction of the new reporting requirements, a trust that did not earn income, dispose of capital property, or make distributions of income or capital in a year was generally not required to file an annual return.
Some trusts are exempt from the new reporting requirements, like registered plans, qualified disability trusts, and more. These types of trusts (that are either resident in Canada, or non-resident but required to file a T3 return) are not required to provide additional information.
An affected trust must provide additional information for all reportable entities such as trustees, settlors, beneficiaries, and controlling persons for the trust, including those who may have been a reportable entity for only part of the year.
The deadline for the T3 return and Schedule 15 is 90 days after the trust’s tax year end.