We help clients navigate bare trust rules by assessing reporting obligations, preparing filings, and ensuring full CRA compliance.
We help clients navigate bare trust rules by assessing reporting obligations, preparing filings, and ensuring full CRA compliance.
Canada's expanded trust reporting rules can apply to "bare trust" arrangements, where one person holds legal title to property for someone else. Common examples include a parent on title to a child's home, a nominee corporation holding real estate, or a joint bank account set up for convenience.
The rules have changed several times since they were introduced, and CRA has waived filing for some recent years. Whether you need to file a T3 return with beneficial ownership information (Schedule 15) depends on the arrangement and the tax year, and penalties for missed filings can be significant.
Indus Canada CPA reviews whether your arrangement is a bare trust, confirms the current filing requirements, prepares the T3 and Schedule 15 where needed, and responds to CRA inquiries.
Our team works alongside trusted legal and financial alliance partners to deliver coordinated tax strategy, compliance, and advocacy — so clients move forward with clarity and confidence.
An arrangement where a trustee holds legal title to property but has no significant powers or responsibilities, and acts on the instructions of the beneficial owner.
It depends on the arrangement and the tax year. The requirements have changed several times, so each situation should be reviewed against the current rules.
Where filing is required, the T3 return includes Schedule 15, which reports identifying information for the trustees, beneficiaries and settlors.
Have a Bare Trusts matter? Book a free 30-minute call to talk it through with our team.
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