Canada: Beneficial ownership reporting rules for trusts delayed (Quebec)

Trusts will not have to provide additional information on their 2021 Quebec income tax returns

Beneficial ownership reporting rules for trusts delayed in Quebec

Trusts will not have to provide additional information on their 2021 Quebec income tax returns under the province's proposed beneficial ownership reporting rules.

Under these proposed rules—scheduled to be effective for tax years ending after 30 December 2021—an affected trust must provide additional information on its income tax return about its beneficiaries, trustees, settlors and protectors.

Revenu Quebec announced that it will relax this reporting obligation for 2021 returns, following a similar announcement from the Canada Revenue Agency clarifying that affected trusts will not have to meet proposed enhanced beneficial reporting obligations until the federal government officially passes legislation to enact these changes. Read TaxNewsFlash

Read a February 2022 report prepared by the KPMG member firm in Canada

 

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