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
March 24, 2025
Strengthening your election process: Avoiding pitfalls and building trust
Poor election planning can lead to disputes and lost trust. Learn key strategies to improve transparency, ensure fairness, and safeguard your next vote.
-
Performance
March 21, 2025
Case Study: EPCOR Water Canada improvement initiative
EPCOR Water Canada enhanced cost estimating accuracy through MNP's Risk Management initiative, delivering a Risk Register, Risk Maps, and a Risk Management Framework.
-
Progress
March 20, 2025
Are you ready to sell your land? Key considerations for farmers
Selling your farmland? The right strategy can protect your wealth and reduce taxes. Here’s what you need to know before you make a decision.
