The CRA’s Reporting Requirements for Trusts and Revenu Québec’s Guide to Filing The Trust Income Tax Return
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February 2022
In the 2018 federal budget, the Department of Finance proposed a new T3 Trust Income Tax and Information Return filing requirements for trusts which will come into effect for taxation years that end after December 30, 2021. The 2021-2022 Quebec budget announced the introduction of similar rules with respect to the obligation to file a tax return and provide certain information on trusts in Quebec.
We encourage all of our trust clients to review the requirements and to consult with their tax advisors.
For more information, read our paper.
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Contributors
Simon Lee
Vice President, Tax, CIBC Mellon
This article is provided for general information purposes only and CIBC Mellon and its affiliates make no representations or warranties as to its accuracy or completeness, nor do any of them take any responsibility for third parties to which reference may be made. This article should not be regarded as legal, accounting, investment, financial or other professional advice nor is it intended for such use.
About CIBC Mellon
CIBC Mellon is a Canadian company exclusively focused on the investment servicing needs of Canadian institutional investors and international institutional investors into Canada. Founded in 1996, CIBC Mellon is 50-50 jointly owned by The Bank of New York Mellon (BNY) and Canadian Imperial Bank of Commerce (CIBC). CIBC Mellon's investment servicing solutions for institutions and corporations are provided in close collaboration with our parent companies, and include custody, multicurrency accounting, fund administration, recordkeeping, pension services, exchange-traded fund services, securities lending services, foreign exchange processing and settlement, and treasury services.
As at September 30, 2024, CIBC Mellon had more than C$2.9 trillion of assets under administration on behalf of banks, pension funds, investment funds, corporations, governments, insurance companies, foreign insurance trusts, foundations and global financial institutions whose clients invest in Canada. CIBC Mellon is part of the BNY network, which as at September 30, 2024 had US$52.1 trillion in assets under custody and/or administration. CIBC Mellon is a licensed user of the CIBC trade-mark and certain BNY trade-marks, and is the corporate brand of CIBC Mellon Trust Company.
For more information – including CIBC Mellon's latest knowledge leadership on issues relevant to institutional investors active in Canada – visit www.cibcmellon.com