The Canada Revenue Agency said bare trusts would not be required to file a T3 trust return and Schedule 15 for the 2024 tax year.
The announcement continued the administrative relief that had also applied for the 2023 tax year. Bare trusts had been a major concern because many arrangements can exist informally, including nominee ownership, family property arrangements, and real-estate title structures.
The relief did not remove trust reporting for every trust. CRA said the expanded reporting rules still applied to other affected trusts where the filing conditions were met.
For taxpayers, the distinction matters. A bare-trust arrangement may be relieved from filing for 2024, but other trusts may still need to file within 90 days after the trust's tax year-end.
The CRA reminder also sat against a broader compliance backdrop, including Schedule 15 beneficial-ownership reporting and capital-gains administration.
The practical point is to identify the arrangement before assuming no filing is needed. Bare-trust relief is helpful, but it is not a blanket exemption for all trusts or all property-holding arrangements.