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.

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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. 

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