Trusts preparing to meet enhanced beneficial ownership reporting requirements should continue filing their returns as usual for now, according to the CRA. In a new statement, the CRA clarifies that affected trusts will not have to meet the proposed additional reporting and filing requirements until the government officially passes legislation to enact these changes. Under these requirements, which were scheduled to be effective for tax years that end after December 30, 2021, an affected trust must provide additional information on its income tax return about its beneficiaries, trustees, settlors and protectors. As a result of these new reporting requirements, more trusts will also be required to file a tax return.
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