Canada: Delay for beneficial ownership reporting requirements for trusts

Enhanced beneficial ownership reporting requirements for trusts delayed

Enhanced beneficial ownership reporting requirements for trusts delayed

The Canada Revenue Authority (CRA) announced that trusts preparing to meet enhanced beneficial ownership reporting requirements need to continue filing their returns as usual for now.

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 30 December 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. Read TaxNewsFlash on these proposed reporting requirements.

Read a January 2022 report [PDF 180 KB] prepared by the KPMG member firm in Canada

 

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