Trust Tax Reporting

Most trusts are now required to file a trust income tax return, with the first filings occurring in 2024.

These new trust tax filings will include bare trust and nominee arrangements, unless specifically exempted. This includes trusts with no income to report.

Failure to file can lead to harsh penalties, including the greater of $2,500 and 5% of the highest total fair market value of all the property held by the trust in the relevant year.

Bell Alliance does not assist with filing these tax reports, so please contact your accountant to make sure they are aware of your trust reporting obligations, heading into 2024.

Further information: https://www.cpacanada.ca/en/business-and-accounting-resources/taxation/blog/2022/october/new-rules-for-trust-reporting-are-coming