
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.
Related Content
-
ConfidenceOctober 03, 2022
Tax regulations making it easier to sell the family farm to your children
Succession has been a long-standing issue for family businesses. The passing of Bill C-208 provides relief for family business owners.
-
ProgressNovember 18, 2022
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.
-
ConfidenceOctober 03, 2022
Tax legislation making it easier to sell the family farm to your children
Succession has been a long-standing issue for family businesses. The passing of Bill C-208 provides relief for family business owners.
Insights
-
Agility
October 07, 2025
The human edge Skills that will never be automated
Technology is getting faster and smarter. And it begs the question: where do humans have the edge?
-
Confidence
October 07, 2025
Canadian debt market: Key trends and insights
What key trends are emerging in Canadian debt and capital markets? Gain insights into the current state, emerging trends, and strategic outlook in MNP’s Q3 2025 report.
-
October 01, 2025
How can local governments implement effective cyber security and governance frameworks for AI?
A third of local governments report having no formal policies or guidelines for AI use. How can you govern AI use to mitigate cyber security risks?