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
    April 25, 2025

    How conflict can be good for your farms future

    Family farms thrive when they tackle conflict early. Tough conversations build trust, sharpen decisions, and protect the farm’s future for the next generation. 

    Read more

  • Agility
    April 17, 2025

    How the agriculture sector can best prepare for tariffs and market uncertainty

    Discover how farmers and agribusinesses can navigate tariffs, market shifts, and uncertainty through risk management, financial planning, and operational resilience. 

    Read more

  • Progress
    April 11, 2025

    The seven traits of successful farm families: What sets them apart

    What makes farm families thrive across generations? It’s more than hard work — it’s planning, communication, and adaptability. Here are seven traits of success.

    Read more

Insights

View all
  • Performance

    May 20, 2025

    How to ensure your assessment is accurate to maximize your property tax savings

    Property tax errors happen all the time, and many organizations may not realize just how much they’re overpaying.

    Read more

  • Agility

    May 15, 2025

    Balancing innovation and humanity: How automation is reshaping Canada’s workforce

    AI and automation are reshaping work in Canada. Learn how mid-market businesses can adapt while keeping people, culture and skills at the core.   

    Read more

  • Performance

    May 15, 2025

    Ontario 2025 Budget Highlights

    View a summary of MNP’s highlights from the 2025 Ontario Budget.

    Read more