With regard to the federal government’s implementation of new bare trust filing requirements: (a) what is the Canada Revenue Agency’s (CRA) formal definition of a bare trust; (b) what guidance regarding formal and informal arrangements that qualify as a bare trust that requires filing for tax purposes has the CRA provided; (c) how many complaints or requests for information or clarity has the minister and the CRA received to date broken down by (i) number of requests, (ii) medium of request – letter, phone call, webform, (iii) month of inquiry; (d) do parents or children co-signing a mortgage for property qualify as a bare trust requiring a return; (e) does joint ownership of a bank account, investment or security with a value of over $50,000 during the reporting year qualify as a bare trust requiring a return; (f) what are the the CRA’s plans to ensure new requirements regarding bare trusts are communicated clearly and available to all Canadians, including those without access to the internet; and (g) what conditions would exclude a trust from the T3 return requirement?
In the House of Commons on May 6th, 2024. See this statement in context.