Bare trusts: Many Ontario farmers expected to have new tax filing requirements
Bare trusts: Many Ontario farmers expected to have new tax filing requirements
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.
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.
Insights
-
Performance
August 11, 2025
Fill the gaps in your finance department with ‘ease’
Ease by MNP uses cloud accounting platforms, like Xero, to help you work more effectively. Learn how in this Q&A blog.
-
Progress
August 08, 2025
What does your First Nation need to know about participating in hydropower projects?
Considering a hydropower project? This article breaks down what your First Nation needs to know to make confident, informed decisions.
-
Agility
August 06, 2025
How transparency is shaping the future of plant-based F&B
As consumers pay closer attention to ingredients, plant-based brands are turning to clean labels to build trust, meet regulations, and stand out on shelves.
