advisor having a discussion with a fam family

Bare trusts: Many Ontario farmers expected to have new tax filing requirements

Bare trusts: Many Ontario farmers expected to have new tax filing requirements

Synopsis
3 Minute Read

New tax filing requirements will have a significant impact on farmers, particularly in Ontario. Many farmers will now find themselves with a new filing requirement based on the common use of bare trust agreements in their operation.

Read more
Joel Aalbers, CPA, CGA
Partner, Assurance & Accounting
Insight
Confidence Insight Agriculture

UPDATE: March 28, 2024 — The CRA updated its T3 Guidance at 2:30pm ET today to provide all bare trusts with an exemption from the requirement to file a T3 return for the 2023 tax year, unless the CRA makes a direct request for these filings. If you have a trust it will be important to determine if it is a bare trust or express trust — we recommend that you connect with your MNP Advisor to confirm your filing requirements and to clarify any impacts to your 2023 T3 filing. 

Related Content

  • Progress

    Your farm succession plan isn’t complete until it exists in writing

    The average age of farmers in Canada is increasing. Having a written succession plan becomes more important as you age, to help secure your legacy, protect your farm operation, and reduce conflict.

    Read more

  • Performance

    Cash vs. accrual: Pros and cons of each reference margin reporting option for AgriStability

    When it comes to the kind of financial reporting you’re doing for your farm, there are significant differences between cash and accrual reporting, especially when it comes to AgriStability payments. To better understand what might be more beneficial for your farm, it’s key to assess your operation to determine how best to move forward.

    Read more

  • March 13, 2024

    Financial statement reporting for farmers: Does cash or accrual make more sense?

    If you’ve ever been unable to grow your farm as a result of the kind of financial reporting you use, it might be time for a change.

    Read more

Insights

View all
  • Confidence

    May 15, 2024

    What is the impact of financial crime and how can you reduce risks to your business?

    During Victims and Survivors of Crime Week 2024, discover the impacts of financial crime and the steps you can take to protect your business from threats.

    Read more

  • Progress

    How SMARTPro Helps Enhance Practice Value

    Learn how to get your practice into a ready state for a sale with SMARTPro.

    Read more

  • Progress

    Your Construction Company and Employee Share Options

    MNP poses a few questions and offers a few tips to see if an employee share option plan will work for you and your construction company.

    Read more